Spanish gambling group restructures

Codere, the troubled Spanish gambling giant, is in the hands of its creditors following a series of meetings yesterday.

The group, with over 50,000 gaming machines and 140-plus gambling halls, over 7,000 betting locations, four racetracks and online gaming across Spain, Italy and South America, has been forced to restructure.

Shareholders and its broad have agreed that a new holding company should be formed, nearly all of which is owned by its creditors. It means that nearly €370m of the group’s debt can be turned into equity. Another €225m in working capital is being raised to cover the business until conditions are back to normal.