Codere, a Madrid-based gaming operator, has been restructured, and the company is now in the hands of a new entity controlled by its creditors. The business will be transferred to Codere New Topco SA, a holding company in which the bondholders own a 95 percent stake, under the debt-for-equity agreement reached in April of this year. The prior owners maintain a 5% share in the company, with the option to receive up to 15% of the proceeds from any future sale.
A total of €225 million will be invested in the business as a result of the change of control, with €100 million already provided. This is to keep the company viable as it recovers from the effects of a new coronavirus (Covid-19) on operations in Spain, Italy, and Latin America.