Five subsidiaries of Codere, which operates 11 casinos in Panama, have declared bankruptcy a month after their holding company did so.
Five subsidiaries of the Coderegambling 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.
The Gaming Control Board has reported that the bookmaker maintains the liquidity and reserve levels required to operate in the country.
Officials from the Gaming Control Board (JCJ by its initials in Spanish) visited the offices of the gaming operator in Panama, after revelations that its parent company in Spain was facing serious financial problems preventing it from paying its debts.
The Spanish company that manages 19 betting centers in Panama has announced that it has no ability to pay the $40 million owed to its creditors.
A letter sent by Codere to the Spanish National Securities Commission, explained that "... it would not provide monies to its subsidiary Codere Finance Luxembourg in order to meet the coupon payment of its issuance of $988 million maturing in 2015."
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