Codere Finalizes Recapitalization to Strengthen Expansion in Key Markets
Codere has finalized its global recapitalization process, paving the way for financial stability and growth across key markets in Latin America and Europe.

New Stage of Financial Stability and Growth
Codere’s successful recapitalization marks the start of a new phase of financial stability for the company.
With an optimized debt structure and increased liquidity, the group is positioned to pursue expansion opportunities and consolidate its leadership in its core markets.
The company expressed its enthusiasm for this milestone, stating that it strengthens its capital structure and ensures the group’s long-term viability under its new Strategic Plan.
Significant Debt Reduction and Liquidity Injection
As a result of the recapitalization, Codere has significantly reduced its gross corporate debt from approximately €1.4 billion to €190 million, bringing the net debt down to around €65 million, or 0.5 times the 2023 adjusted EBITDA before IFRS16 adjustments.
In addition, the company received a liquidity boost of approximately €60 million, which will be used to support its business plan and reinforce its financial stability.
CEO’s Vision for Codere’s Future
Gonzaga Higuero, CEO of Codere Group, emphasized the importance of this achievement for the company’s future. “The operation is a decisive success for Codere, a guarantee for the future that ensures our financial position and relaunches the company’s ability to achieve the growth objectives set. We appreciate the trust of our clients, the support of our investors, and the commitment of our team. We are prepared to generate value for all our stakeholders,” he stated.
Strong Creditor Support for the Recapitalization
The recapitalization became effective on October 15, 2024, with the unanimous backing of Codere’s creditors.
More than 99 percent of key financial instruments received support, demonstrating a strong vote of confidence in Codere’s strategic direction and financial restructuring.