Thus ends the journey of the historic company founded by the Martínez Sampedro family since more than six years ago it was on the brink of bankruptcy, and US funds took control of the group.
Since then, the confrontation between the Martínez Sampedro and the funds has been constant. The Spanish family maintains that the US funds have acted in concert, and that therefore they should have launched a takeover bid for 100% of the capital.
Although the battle between the Martínez Sampedros and the US funds has not yet ended, the Spanish family, which came to control the majority of the group's capital, will see its shares dissolve once the complex restructuring agreement, scheduled for the next November 5.
Codere communicated to the National Securities Market Commission the restructuring agreement two weeks ago, with a document of about 2,000 pages. According to it, Codere SA will be liquidated, excluded from the Stock Market, and its assets will be controlled by a new Luxembourg company controlled by the creditors.
On the other hand, the group's online gaming division will be integrated into a Spac in which the new Codere will have a majority stake and which will be listed on the Nasdaq. The company will maintain its headquarters in Alcobendas (Madrid), and will have a new board of directors.
The restructuring agreement communicated to the Spanish market regulator, despite its length, contains neither a business plan nor a valuation of the group's assets. Codere has indicated that they are currently working on a new business plan but that the valuation of assets is not public information.
Source: GMB / Voz Populi
