Codere - all paths clear for restructuring to proceed

All,

Please find our analysis on Codere here. 

As expected the last dissenting voice has acceded to the Revised Lock-up agreement, with 82.5% of existing bondholders as of yesterday.  The Scheme meeting is due to be held on the 29th September, at 2pm, with today, at 4pm the deadline for bondholders to vote on the Scheme.  Today is also the last day for bondholders to indicate and participate in the issuance of the €165m new notes.  As the scheme is already approved by 75% of the Scheme creditors, the meeting next week is likely to be a formality.

This is just a formality and doesn’t change our underlying negative view on the credit.

Happy to discuss.

Tomás

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Tomás Mannion
2 Stephen Street
London W1T 1AN
E: tmannion@sarria.co.uk
T: +44 20 3744 7009

M:+44 7786 705 806
www.sarria.co.uk