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Gambling group Codere defaults on loan

7 Feb 2014

euro fire burnSpanish gaming group Codere has defaulted on a €172.2m loan from Canyon Capital Finance and Blackstone’s credit arm GSO Capital Partners.

The company, which has recently failed to reach a debt restructuring deal with its creditors, said in a regulatory filing that is unable to service the loan, according to the Wall Street Journal.

Annual interest on the loan exceeded 40 per cent, said the report, citing a source close to the situation.

The creditors syndicate was proposing a €400m equity injection and a €350m debt haircut in exchange for an 80 per cent interest in the company, said the report.

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