{"id":265,"date":"2024-06-27T13:16:02","date_gmt":"2024-06-27T10:16:02","guid":{"rendered":"https:\/\/islandreelsnodepositbonuscodes.icu\/2024\/06\/27\/codere-creditors-approve-plan-to-take-over-business-as-first-quarter-revenue-drops\/"},"modified":"2024-06-27T13:16:02","modified_gmt":"2024-06-27T10:16:02","slug":"codere-creditors-approve-plan-to-take-over-business-as-first-quarter-revenue-drops","status":"publish","type":"post","link":"https:\/\/islandreelsnodepositbonuscodes.icu\/2024\/06\/27\/codere-creditors-approve-plan-to-take-over-business-as-first-quarter-revenue-drops\/","title":{"rendered":"Codere Creditors Approve Plan to Take Over Business as First-Quarter Revenue Drops"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/DWekvuUGuuc\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Codere declared that its lenders have endorsed a strategy to assume control of its operations, as the company&#8217;s financial difficulties persisted in the initial period, with earnings dropping 54.3% to \u20ac127.2 million (\u00a3109.9 million\/$155.1 million) due to the closure of locations in nearly all of its key markets.<\/p>\n<p>Codere&#8217;s creditors approve a plan to take over the business as first-quarter revenue drops. Codere stated the revenue decrease was attributed to &#8220;restrictive actions implemented by numerous nations in response to the health crisis.&#8221;<\/p>\n<p>This included Codere&#8217;s activities in Italy, its largest market, which were shut down throughout the quarter, generating no income after \u20ac60.2 million in the first quarter of 2020.<\/p>\n<p>The company also had to grapple with new closures in Mexico, Argentina, and Panama during the quarter, as well as further limitations elsewhere. Revenue in Mexico decreased 63.5% to \u20ac22.1 million, Panama revenue declined 60.1% to \u20ac5.8 million, and Argentina revenue dropped 41.4% to \u20ac38 million.<\/p>\n<p>In Spain, Codere&#8217;s second-largest market in 2020, earnings fell 34.3% to \u20ac26.6 million.<\/p>\n<p>The operator&#8217;s online business performed better, but it was unable to compensate for the decline in retail, with revenue expanding 23.6% to \u20ac19.8 million.<\/p>\n<p>The company stated: &#8220;The Group&#8217;s operations continue to be affected by the pandemic, which remains serious in many of the countries where the company operates.&#8221; <\/p>\n<p>Coderes earnings before interest, taxes, depreciation, and amortization (EBITDA) plummeted by 92.7% to \u20ac3.5 million. Although Codere reported positive EBITDA in all regions outside of Italy, its Italian branch encountered an EBITDA deficit.<\/p>\n<p>Codere clarified that &#8220;despite substantial efficiency and cost-cutting measures implemented during the pandemic, the decrease in income did not fully offset the decline in operational expenses.&#8221;<\/p>\n<p>After subtracting additional costs such as interest and taxes, Codere&#8217;s total loss amounted to \u20ac91.5 million, a reduction from \u20ac97.1 million in the initial quarter, despite the revenue decline.<\/p>\n<p>The operator also revealed that 90% of its bondholders had consented to a debt capitalization arrangement, under which Coderes existing business would be integrated into a new holding firm, which would be 95% owned by these bondholders.<\/p>\n<p>The agreement will come into effect as it has secured the necessary 75% approval. Codere&#8217;s stakeholders endorsed the agreement earlier this month.<\/p>\n<p>The agreement will capitalize \u20ac367 million in debt. Furthermore, Codere will raise an additional \u20ac225 million to sustain its operations until its venues reopen.<\/p>\n<p>The operator anticipates this to occur in June or July in most of its markets, but it may take longer in Argentina. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Codere declared that its lenders have endorsed a strategy to assume control of its operations, as the company&#8217;s financial difficulties persisted in the initial period, with earnings dropping 54.3% to \u20ac127.2 million (\u00a3109.9 million\/$155.1 million) due to the closure of locations in nearly all of its key markets. Codere&#8217;s creditors approve a plan to take [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Codere<\/title>\n<meta name=\"description\" content=\"Codere\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/islandreelsnodepositbonuscodes.icu\/2024\/06\/27\/codere-creditors-approve-plan-to-take-over-business-as-first-quarter-revenue-drops\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Codere Creditors Approve Plan to Take Over Business as First-Quarter Revenue Drops\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Codere\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/islandreelsnodepositbonuscodes.icu\/2024\/06\/27\/codere-creditors-approve-plan-to-take-over-business-as-first-quarter-revenue-drops\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Immerse Yourself in a World of Licensed Online Casino Thrills\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-27T10:16:02+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/islandreelsnodepositbonuscodes.icu\/2024\/06\/27\/codere-creditors-approve-plan-to-take-over-business-as-first-quarter-revenue-drops\/\",\"url\":\"https:\/\/islandreelsnodepositbonuscodes.icu\/2024\/06\/27\/codere-creditors-approve-plan-to-take-over-business-as-first-quarter-revenue-drops\/\",\"name\":\"Codere\",\"isPartOf\":{\"@id\":\"https:\/\/islandreelsnodepositbonuscodes.icu\/#website\"},\"datePublished\":\"2024-06-27T10:16:02+00:00\",\"dateModified\":\"2024-06-27T10:16:02+00:00\",\"author\":{\"@id\":\"https:\/\/islandreelsnodepositbonuscodes.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Codere\",\"breadcrumb\":{\"@id\":\"https:\/\/islandreelsnodepositbonuscodes.icu\/2024\/06\/27\/codere-creditors-approve-plan-to-take-over-business-as-first-quarter-revenue-drops\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/islandreelsnodepositbonuscodes.icu\/2024\/06\/27\/codere-creditors-approve-plan-to-take-over-business-as-first-quarter-revenue-drops\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/islandreelsnodepositbonuscodes.icu\/2024\/06\/27\/codere-creditors-approve-plan-to-take-over-business-as-first-quarter-revenue-drops\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/islandreelsnodepositbonuscodes.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Codere Creditors Approve Plan to Take Over Business as First-Quarter Revenue Drops\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/islandreelsnodepositbonuscodes.icu\/#website\",\"url\":\"https:\/\/islandreelsnodepositbonuscodes.icu\/\",\"name\":\"Immerse Yourself in a World of Licensed Online Casino Thrills\",\"description\":\"Unleash your gambling potential with the help of our latest casino news, game reviews, and informative articles. 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