Codere confirms plans to liquidate holding company
The announcement comes after the operator’s stocks fell 37% in a week.
Codere, a Spanish operator with a strong presence in LatAm, has clarified its intention to liquidate its holding company and suspend the listing of its shares as part of a financial restructuring.
In a statement for the Madrid Stock Exchange, the operator said: “In view of reports that appeared in recent days, in which the continuity of the Codere Group’s activity is questioned, the current holding company of the group, Codere SA, wishes to clarify that the financial restructuring process that was announced on April 22 and that will be implemented before November 15th, does not affect the normal performance of the group’s operations in the different countries in which Codere operates.”
As a result of this restructuring, Codere will soon be controlled by a new holding company. This new entity will hold 95% of the operator’s capital. As part of this process, Codere S.A will liquidate.
Codere said in its statement: “To do this, a General Shareholders’ Meeting will be called, which we hope will approve its dissolution and the opening of its liquidation period. Once this approval is obtained, Codere S.A. will ask the regulator to suspend the listing of its shares.”
Finally, the Spanish operator confirmed that despite this process, the company will continue to follow its set plans in all markets.
This statement comes after speculation arose regarding the future of the operator, resulting in the company’s stocks plummeting 37% in a week.
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