Creditors of the Madrid-based Grupo Codere SA have called for the gambling group’s break-up, starting with its assets in Argentina. This will, say those close to the bondholders, begin with selling the Argentine bingo and arcade business.
This will help the company recover its profitability, “by shedding one of the geographical areas that are weighing the most in the slow recovery of the group’s results.”
Last year Codere’s creditors delisted the company from the Bolsa Madrid stock exchange after it lost 90 percent of its value. The business was given an injection of $288 million and now operated as the bondholder controlled “Codere New Topco.”
Besides divesting itself of its Argentine assets, Codere will also sell off its Spanish and Latin American gaming unit. Last year Codere’s U.S. company merged with DD3.
