Codere Financial Restructuring: Working With Houlihan Lokey, Clifford Chance, PJT Partners, Milbank
Update 1: Codere’s liquidity shortfall is estimated at £146M-£180M with £200M of new super senior money alongside partial equitization of SSNs leading to a 50% reinstatement, 70% SSN recovery under base case and 56% in low case. Click through and request a trial to read the full update here: https://reorg.com/cash-flow-model-codere-liquidity-shortfall-estimated-to-be-e146m-e180m/
Starting negotiations for a new round of debt talks with bondholders due to liquidity pressure from Covid-19 restrictions, Spanish gaming company Codere is working with Houlihan Lokey and Clifford Chance. The group’s bondholders are working with PJT Partners and Milbank. The advisors are focusing on new money needs and on how much debt the business is able to sustain.
As part of Codere’s restructuring, the group must maintain a minimum monthly liquidity covenant of €40 million in cash, cash equivalents and borrowings available under credit facilities. They should have €40 million to €50 million of liquidity at the end of March and April 2021 after the coupon payments. Click through to read more on Codere’s current situation: https://reorg.com/codere-starts-debt-negotiations/