Eight new members have been appointed to the board of directors of the Spanish gambling group Codere SA. Their job will be to help right the company and put it on a firm financial footing.
The announcement was made by Nueva Codere, which is the company’s name under the bondholders who were the company’s creditors.
Christopher Bell will be non-executive chairman. Joining him will be former Group CEO Vicente di Loreto. The bondholders also chose former Morgan Stanley Executive Director Aidan de Brunner to be the company’s Class-A independent advisor.
The new board will develop a new business plan to guide the company for the next four years. The goal is to return Codere to its pre-Covid-19 “levels of activity.”
In 2021 the company’s listing was removed from the Madrid Bolsa stock exchange and debtors agreed to sell off many of its gaming assets.
Bell said in a statement: “I believe that Nueva Codere has a promising future. The capacity and experience of the management team, together with the talent of the directors who accompany me, make me very optimistic about the new phase that the company is starting.”
