{"id":8664,"date":"2024-06-03T00:00:00","date_gmt":"2024-06-03T00:00:00","guid":{"rendered":"https:\/\/www.mundovideo.com.co\/en\/europe\/the-liquidator-leaves-the-value-of-the-codere-shares-in-the-hands-of-the-minorities-at-zero\/"},"modified":"2024-06-03T00:00:00","modified_gmt":"2024-06-03T00:00:00","slug":"the-liquidator-leaves-the-value-of-the-codere-shares-in-the-hands-of-the-minorities-at-zero","status":"publish","type":"europe","link":"https:\/\/www.mundovideo.com.co\/en\/europe\/the-liquidator-leaves-the-value-of-the-codere-shares-in-the-hands-of-the-minorities-at-zero\/","title":{"rendered":"The liquidator leaves the value of the Codere shares in the hands of the minorities at zero."},"content":{"rendered":"

Shares of the Codere group in the hands of minority investors have been valued at zero euros.<\/span><\/span><\/span> This situation also affects the warrants delivered to the shareholders of Codere SA, which allowed them to benefit from a future sale of the company. In 2021, Codere’s financial restructuring resulted in the creation of a new corporate structure in Luxembourg, headed by Codere New Topco.<\/span><\/span><\/span><\/p>\n

\"\"<\/p>\n

Through this restructuring, the bondholders acquired 95% of the capital, significantly diluting the participation of the minority shareholders of Codere SA, who were left with just 5% and some warrants.<\/span><\/span><\/span><\/p>\n

 <\/p>\n

These latter financial instruments had certain conditions: the capital value of Codere New Topco had to reach 220 million euros and an IPO, a sale or a merger had to take place within a period of 10 years<\/span><\/span><\/span><\/p>\n

 <\/p>\n

The 2023 accounts of Codere SA, prepared by its liquidator, show that the participation of minority shareholders, which in December 2021 had a fair value of 14 million euros, was reduced to 4.3 million a year later and is now has devalued to zero euros due to a new deterioration.<\/span><\/span><\/span><\/p>\n

\"\"<\/p>\n

 <\/p>\n

The value of the warrants, which were initially recorded as worth €21.3 million in 2021, has also been reduced to zero.<\/span><\/span><\/span> The liquidator’s accounts indicate that it is unlikely to reach a capital value of more than 220 million euros, so it has been decided to leave the net book value of the investment at 0 euros.<\/span><\/span><\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Through this restructuring, the bondholders acquired 95% of the capital, significantly diluting the participation of the minority shareholders of Codere SA, who were left with just 5% and some warrants.<\/p>\n","protected":false},"author":1,"featured_media":8665,"menu_order":268,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"inline_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[],"tags":[4486,4485,3184],"class_list":["post-8664","europe","type-europe","status-publish","format-standard","has-post-thumbnail","tag-bondholders","tag-codere-sa","tag-europe","entry"],"yoast_head":"\nThe liquidator leaves the value of the Codere shares in the hands of the minorities at zero. - Mundo Video Entertainment | Casino News in Latin America and the World<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mundovideo.com.co\/en\/europe\/the-liquidator-leaves-the-value-of-the-codere-shares-in-the-hands-of-the-minorities-at-zero\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The liquidator leaves the value of the Codere shares in the hands of the minorities at zero. - 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