Spain: Codere investors return deal to hand control to creditors

Codere’s shareholders have approved a restructuring plan that will see its creditors take control of the business operations.

All of Codere’s current business will be under a new holding company, which the operator’s board approved. Last month, the majority of bondholders agreed to the restructuring.

The current bondholders will own 95 percent of the new entity. Current Codere shareholders will hold the remaining 5%, who will also receive warrants that could grant them up to 15% of the company if its value exceeds €220 million in the next ten years.