Posse Herrera Ruiz acted as Colombian legal counsel to Codere Colombia S.A., a leading casino and online gaming business with a significant presence in Europe and Latin America, in the successful completion of Codere Group’s global recapitalization. The transaction restructured the Group’s EUR1.4 billion secured debt and received overwhelming support from the Group’s creditors. This transaction reduced the group’s net debt to approximately €65 million, equivalent to 0.5x the 2023 adjusted EBITDA (pre-IFRS16), and secured an injection of around €60 million in new liquidity, helping drive its business plan and strengthen its solvency and financial stability. Codere issued around EUR128 million of new first priority notes as part of the transaction, which were fully subscribed by the holders of its super senior notes.
With an optimal debt structure and increased liquidity, Codere is well-positioned to leverage new expansion opportunities
LEGAL ADVISORS
COUNSEL TO Codere Colombia S.A.
Posse Herrera Ruiz
Leading Partner(s): Jesús Albarrán
Other Lawyers: Catalina Posada and Manuela Constain
A&O Shearman
Leading Partner(s): Lara Ruiz
Other Lawyers: MarÃa Ruiz-Gollury and Oscar Guinea
