Spanish Casino Co. Negotiating $173M Debt To Avoid Default

Law360, New York (January 2, 2014, 4:31 PM EST) -- Codere SA, a Spain-based casino and racetrack operator, disclosed on Thursday that it is in talks with creditors to negotiate a €127.1 million (US$173.5 million) debt coming due to avoid insolvency, according to a regulatory filing.

Strapped for cash, the gaming company made the disclosure to the Mercantile Court of Madrid under The Spanish Insolvency Law, which gives Codere four months to continue negotiations to refinance its debt, according to an investor filing. The company has a €127.1 million senior credit facility that is maturing on...
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