Codere, a Madrid-based gaming operator, is now controlled and owned by its creditors after the completion of a court-ordered restructuring.
The business was transferred to a holding company, Codere New Topco SA, which the bondholders have a 95 percent interest in. Previous owners retain the remainder.
The restructuring will also result in an investment of €225 million in the new entity, aiding in its recovery from losses caused by the pandemic across its operations in the European Union and Latin America.
Codere’s online division will be split from the main business and listed on Nasdaq through a special purpose acquisition company.
