Codere share listing suspended in Spain
Spain’s National Securities Market Commission has suspended the listing of Codere shares on the Madrid Stock Exchange from Friday.
Spain.- The National Securities Market Commission (CNMV) has decided to suspend the listing of Codere shares on the Madrid Stock Exchange with effect from this Friday, (December 17) at market close.
The decision comes after the extraordinary general meeting of shareholders approved the company’s proposed dissolution resolution and the opening of its liquidation process.
The CNMV said it had suspended the listing of the company’s shares due to the occurrence of circumstances that could disturb the normal development of operations on the securities. They will continue indefinitely until a definitive exclusion from trading is approved.
Codere will enter liquidation following the completion of the company’s financial restructuring process and the transfer of its operating part to the new holding company Codere New Topco.
On November 19, the company completed a financial restructuring process that began in April and which involves the transfer of its operating part to the new holding company in which creditors control 95 per cent of capital and the remaining 5 per cent remains with old Codere, which also receives warrants issued by the new parent company and an option to increase its stake by up to 15 per cent dependent on the outcome of a future sale.
Bondholders agreed to keep Codere afloat by pumping €225m in cash into the new business. Meanwhile, bondholders agreed for Codere to divest its Spanish and LatAm online gambling unit through a merger with SPAC company DD3 Acquisition Corp.
Codere Online completed its merger with DD3 on December 1, gaining a listing on the US Nasdaq.
It’s big news for gaming in Latin America, where codere operates 57,130 gaming machine contracts in Mexico, Spain, Colombia, Italy, Argentina, Panama and Uruguay.
Argentina is its biggest market, with 14 bingo halls and 13 gaming halls in the Province of Buenos Aires.
