Codere Extends Deadline to Restructure $1.2 Billion to Year End

Codere SA said its creditors agreed to extend the deadline for restructuring about 1.1 billion euros ($1.2 billion) of debt to Dec. 31.

The deal, which was due to be completed by Aug. 23, may be further postponed to March 31 with the consent of 75 percent of creditors, the Spanish gaming company said in a statement yesterday. Codere also said it will issue 200 million euros of private notes in dollars instead of 253 million euros of term loans as part of the restructuring.

Codere’s controlling family and bondholders have been wrangling for control of the business since it defaulted in August 2013. An agreement reached last year that still needs to get approval from a U.K. court to be valid, cut the family’s stake to almost 20 percent from about 70 percent.

“Codere continues to work with the consenting noteholders and the original shareholder parties to agree final documentation for the restructuring and to satisfy all conditions to completion as soon as possible,” the company said in the statement.

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