Clock ticking for Codere as it defers Thursday coupon payment

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By Owen Sanderson
28 Apr 2020

Spanish gaming company Codere will miss a coupon payment due on Thursday, hoping that the 30 day grace period in its bond documents will give it time to find at least €100m of emergency financing to get it through the liquidity crunch.

If it can’t, a hard default looms — just over six years after it went through one of the largest European restructurings of the last decade, in which it also skipped a coupon — to make sure credit default swaps bought by GSO Capital Partners would pay out.

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