Codere Cuts Debt, Secures Funding for Global Expansion
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The Key Points at a Glance:
- The Codere Group has reduced its debt from €1.4 billion to €190 million.
- The company secured €60 million in new financing.
- The focus is on expansion in Latin America and Europe.
- The restructuring strengthens financial stability and flexibility.
The Importance of Recapitalization
The Codere Group has reached a significant milestone: through an extensive recapitalization, the company has drastically reduced its debt burden. Initially, liabilities amounted to €1.4 billion. After completing the process in November 2024, net debt now stands at approximately €190 million. This measure not only provides financial stability but also opens up new opportunities for growth and expansion.
New Financing and Strategic Alignment
In addition to reducing debt, Codere has secured €60 million in fresh capital. This funding will be directly invested in the execution of the business plan and will strengthen the company’s liquidity. With a net debt level now approximately 0.9 times the adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) for 2023, Codere has the financial flexibility needed to adapt to market changes and seize growth opportunities.
Focus on Latin America and Europe
The geographic focus of expansion lies in Latin America and Europe. Codere plans to further strengthen its market position in these regions. In particular, the company sees significant potential in Latin America despite economic challenges such as currency devaluations in Argentina. In the second quarter of 2024, Codere reported a loss of €40 million in the region. However, current figures show positive developments, as revenues are now growing above the inflation rate.
Transfer of Ownership
As part of the restructuring, ownership was transferred to creditors and financial backers. This step was unanimously supported by all stakeholders. Despite delays that pushed the completion of the recapitalization beyond the third quarter of 2024, Codere has strengthened its solvency and is now better positioned to achieve its long-term goals.
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Statements from the CEO
Gonzaga Higuero, CEO of Codere, described the recapitalization as a “decisive success.” According to Higuero, this step not only secures the company’s financial position but also allows it to refocus on strategic objectives. He expressed his gratitude to customers, investors, and employees for their support throughout this process.
Challenges and Opportunities
The restructuring comes at a time when the global economic environment continues to present challenges. However, Codere believes it is well-prepared to face these. The financial stability enables the company to develop innovative solutions and focus on the needs of players. This reflects the broader trend in the gaming industry, where transparency and sustainability are gaining increasing importance.
Our Assessment
The successful recapitalization of the Codere Group is a crucial step toward stability and growth. With a significantly reduced debt burden and fresh capital, the company has laid the foundation for sustainable expansion. The focus on Latin America and Europe is strategically sound, as these markets continue to offer growth potential. At the same time, Codere demonstrates its readiness to face industry challenges and pursue innovative approaches. The coming months will reveal whether the company can effectively capitalize on these opportunities.
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