The process received unanimous support from the company's creditors and now marks the beginning of a new era of financial stability and growth.
Spain.- Grupo Codere has successfully completed its global recapitalization process, marking the start of a new phase of financial stability and strategic growth for the company.
This historic operation has provided a comprehensive and definitive solution to strengthen Codere's capital structure, ensuring long-term stability and securing the viability and growth of the group under its new Strategic Plan.
With this recapitalization, Codere has reduced its corporate gross debt from around EUR 1.400m to approximately EUR 190m, resulting in a consolidated net debt of about EUR 65m, equivalent to 0.5 times the adjusted EBITDA for 2023. Additionally, the company has received an injection of approximately EUR 60m in new liquidity, which will help drive its business plan and strengthen its solvency and financial health.
Gonzaga Higuero, CEO of Grupo Codere, stated: “The operation is a decisive success for Codere, a guarantee of future that secures our financial position and relaunches the company's ability to achieve the growth targets set. We appreciate the trust of our customers, the support of our investors, and the commitment of our team. We are prepared to generate value for all our stakeholders”.
See also: Codere reported a 10% decrease in revenue for the second quarter
The recapitalization, effective since October 15, 2024, has had the unanimous backing of Codere's creditors, with more than 99 percent support in most of the key financial instruments.
