Codere Needs a Deal to Avoid Bankruptcy
Key Takeaways
  • Spain’s biggest gaming Codere SA has to strike a deal this week to avoid bankruptcy.
  • The company missed a coupon payment on outstanding bonds and must now restructure its debt with the agreement of creditors.
  • One creditor group has proposed writing off a third of the debt in exchange for 95% of the shares.
  • The group’s financial problems reflect the tough market for gaming companies in both the live and online gambling industry.

Spanish gaming giant Codere SA is in deep financial trouble and must strike a deal with creditors this week to avoid bankruptcy.