Spain's Codere gets 30-day grace period on €127M loan
Spanish gaming group Codere SA on Tuesday said it had accepted an offer for a grace period on a €127 million ($173 million) loan due on January 5. Codere last week sought protection from creditors and started talks to avoid insolvency.
Reuters, citing Codere's statement to Spain's stock market regulator, said that the entities which made the loan had offered to extend the repayment dealine by 30 days, to February 6. Further extensions are possible until April 15, depending on progress in debt talks.
Codere had warned when it filed for creditor protection about a possible late repayment on the €127 million loan. The gaming company had €1.27 billion of debt at the end of last September. Under the proceedings, Codere has up to four months to reach a deal with banks and investors, the report said.
Chicago-based private equity firm Blackstone Group LP, through its crediut arm GSO Capital Partners, and Los Angeles hedge fund Canyon Capital Advisors LLC are among the investors that have bought up Codere debt in recent months, Reuters wrote.