Codere Stock to Stop Trading on Madrid Exchange
The National Securities Market Commission of Spain has announced it would accept a request from Group Codere SA to suspend its stock from trading after the company shareholders decided to dissolve its assets.
Acting on an official request from Group Codere, Spain's securities trading regulator Comisión Nacional del Mercado de Valores (CNMV) moved to remove the company's stock on the Madrid Stock Exchange.
The suspension from the stock is the latest development in the shift of power process at the company due to a restructuring plan that was approved earlier in the year.
The plan allowed the company's bondholders to gain a 95% stake after transferring the business to a new entity, Codere New Topco SA. It also saw €367 million of debt being capitalized into equity.
After transferring almost the entire control into the hands of Codere's US bondholders, it was only a matter of time before they decided to break down the company and start selling the pieces.
However, the company's online division is safe from dissolving and will continue to operate after it successfully survived amidst the struggles that beclouded the group's land-based facilities.
Shareholders had approved the proposed resolution to dissolve the company and the opening of winding-up proceedings. Furthermore, it was agreed to request the CNMV the suspension and removal from trading of their securities."
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