Key Takeaways
- Codere has managed to negotiate with its creditors to stave off bankruptcy.
- Creditors provided an extra €35m in loans which allowed it to make an interest payment on $300 million of bonds.
- The International Swaps and Derivatives Association (ISDA) ruled that a “credit event” had taken place triggering payment of credit default swaps.
- Codere now has enough cash to make it through to January 2014 by when it needs to renegotiate €1.12 billion of debt.
Codere has managed to negotiate with its creditors to stave off bankruptcy, but a default on loan payments has triggered credit default swap payments on $445m of its debt.
