{"id":322557,"date":"2024-06-13T19:02:23","date_gmt":"2024-06-14T00:02:23","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=322557"},"modified":"2024-06-14T09:23:29","modified_gmt":"2024-06-14T14:23:29","slug":"codere-announces-fifth-restructuring-to-cut-debt-by-92","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/codere-announces-fifth-restructuring-to-cut-debt-by-92\/","title":{"rendered":"Codere Announces Fifth Restructuring to Cut Debt by 92%"},"content":{"rendered":"

Codere, the Spanish gaming giant that\u2019s the parent of Codere Online Luxembourg (NASDAQ: CDRO), announced a fifth restructuring agreement Thursday that will result in the elimination of 92% of its debt.<\/p>\n

\"Codere\"
Codere’s sign when it launched on NASDAQ in November 2021. The gaming company announced another debt restructuring. (Image: X)<\/figcaption><\/figure>\n

Under the terms of the pact with creditors, the gaming company\u2019s debt will decline to $138 million from $1.72 billion, with investors who hold Codere\u2019s super senior notes taking control of the company. That doesn\u2019t mark a significant change in control of the firm because many of those investors make up a majority of Codere equity owners.<\/p>\n

The transaction so far has support from more than 60% of all creditors and shareholders,\u201d reports Bloomberg<\/em>. \u201cCreditors have until June 25 for subscribing to provide the bridge notes that will allow the company implement the deal, and until July 9 to accede the lockup agreement and deliver instructions in connection with the Spanish restructuring plan.\u201d<\/p><\/blockquote>\n

Following the transaction, Codere\u2019s debt\/earnings before interest, taxes, depreciation, and amortization (EBITDA) ratio will decline to a more tolerable 0.9x.<\/p>\n

Despite Debt Woes, Codere Stock Surging<\/h2>\n

The operator, formerly known as Grupo Codere \u2014 Codere Online\u2019s parent \u2014 is undergoing a dramatic<\/a> alteration in Spain. Now known as Nueva Codere, the company sold some assets in Argentina and spun off the online business as part of its makeover<\/p>\n

In fact, bumpiness in Argentina and Mexico — two of the operator\u2019s crucial markets — is one reason why Codere has struggled to get a handle on its debt burden. Conversely, shares of the US-listed stock have performed exceptionally well. The stock is up nearly 140% since the start of the year.<\/p>\n

\n

Codere Online debuted as a publicly traded company on<\/a> Dec. 1, 2021, following a merger with a special purpose acquisition company (SPAC), DD3 Acquisition Corp. II. Despite that ascent, Codere isn\u2019t highly familiar with many US investors owing in large part to the operator\u2019s focus on Latin America. Just three sell-side analysts cover the stock.<\/p>\n<\/div>\n

In that region, Codere Online is operational in Argentina, Colombia, Mexico, and Panama. Likely owing to home country bias, many US investors aren\u2019t aware of the wagering opportunity in Latin America, but online gaming there notched an eight-year compound annual growth rate of about 20% in Codere\u2019s core markets<\/a>.<\/p>\n

Debt Stability Could Be Boon for Codere<\/h2>\n

The dramatic reduction in Codere\u2019s debt could bring much-needed stability to the company with equity investors likely hoping the fifth time is the charm.<\/p>\n

\n

It\u2019s possible that with the debt burden lowered, the broader investment thesis will be cleaned up and garner more attention. Analysts appear to see value in the stock as their average price target implies upside of 64.3% from Thursday\u2019s close.<\/p>\n<\/div>\n

Codere has been rumored to be a takeover target<\/a> in the past and it\u2019s possible the debt restructuring could renew interest on that front, but that remains to be seen.<\/p>\n","protected":false},"excerpt":{"rendered":"

Codere, the Spanish gaming giant that\u2019s the parent of Codere Online Luxembourg (NASDAQ: CDRO), announced a fifth restructuring agreement Thursday that will result in the elimination of 92% of its debt. Under the terms of the pact with creditors, the gaming company\u2019s debt will decline to $138 million from $1.72 billion, with investors who hold […]<\/p>\n","protected":false},"author":46,"featured_media":254854,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810,81883,81884,1074],"tags":[81903,81898,82205,90433,80968],"acf":[],"yoast_head":"\nCodere Announces Fifth Restructuring, to Cut Debt by 92%<\/title>\n<meta name=\"description\" content=\"Codere Announces Fifth Restructuring, to Cut Debt by 92%.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/codere-announces-fifth-restructuring-to-cut-debt-by-92\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Codere Announces Fifth Restructuring, to Cut Debt by 92%\" \/>\n<meta property=\"og:description\" content=\"Codere Announces Fifth Restructuring, to Cut Debt by 92%.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/codere-announces-fifth-restructuring-to-cut-debt-by-92\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-14T00:02:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-14T14:23:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/Codere.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1800\" \/>\n\t<meta property=\"og:image:height\" content=\"1013\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/codere-announces-fifth-restructuring-to-cut-debt-by-92\/\",\"url\":\"https:\/\/www.casino.org\/news\/codere-announces-fifth-restructuring-to-cut-debt-by-92\/\",\"name\":\"Codere Announces Fifth Restructuring, to Cut Debt by 92%\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/codere-announces-fifth-restructuring-to-cut-debt-by-92\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/codere-announces-fifth-restructuring-to-cut-debt-by-92\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/Codere.jpg\",\"datePublished\":\"2024-06-14T00:02:23+00:00\",\"dateModified\":\"2024-06-14T14:23:29+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Codere Announces Fifth Restructuring, to Cut Debt by 92%.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/codere-announces-fifth-restructuring-to-cut-debt-by-92\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/codere-announces-fifth-restructuring-to-cut-debt-by-92\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/codere-announces-fifth-restructuring-to-cut-debt-by-92\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/Codere.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/Codere.jpg\",\"width\":1800,\"height\":1013,\"caption\":\"Codere's sign when it launched on NASDAQ in November 2021. 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