Five Subsidiaries of Gambling Company Codere in Bankruptcy

Five subsidiaries of Codere, which operates 11 casinos in Panama, have declared bankruptcy a month after their holding company did so.

Monday, February 10, 2014

Five subsidiaries of the Codere gambling chain have declared bankruptcy a month after the parent company announced it was facing serious financial problems which prevented it from honoring its debts. The Panamanian subsidiary continues to operate normally.

"Codere América, S.A.U., Colonder, S.A.U., Nididem, S.L.U., Codere Internacional Dos, S.A.U. and Codere Internacional, S.L.U., requested the protection of the Spanish justice system on 5 February in order to try to restructure their debts."

"One day after the request, the parent group informed the National Securities Commission of Spain that it is still in talks with creditors in an attempt to find a solution to non-payment by the company of the interest on its debt in excess of $1.5 billion. "

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Gambling Company Operating in Panama Files for Bankruptcy

January 2014

The Spanish based company operates in Panama 11 casinos, 6 sports betting centers, and the President Remon Racetrack.

Codere, the second largest bookmaker in Panama is facing serious financial problems which has prevented it from repaying its debts.

Last week the company filed for bankruptcy in Spain, allowing it to operate while achieving an agreement with its creditors to meet the payment of certain loans acquired in the previous year. The firm has a debt of $1.578 million plus a line of credit for $130 million.

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