Codere in last ditch attempt to avoid liquidation

Codere the once great gaming company that spanned operations in Europe and South America is facing a nervous twenty four hours as the clock ticks down to what could be the imminent liquidation of the Madrid based business.

The company that has posted nine consecutive quarterly losses adding up to 365 million euros is in a race against time with creditors to try and restructure the massive 1.1 billion euro debt the company has or face bankruptcy proceedings that 95% of all companies then go in to liquidation

Business has been devastated for Codere with the financial crisis and falling un-employment in both Italy and Spain impacting on people visiting their gambling halls. Also with the hoped for expansion into Latin America being damaged by anti-money-laundering legislation to curb drug cartels in Mexico as well as currency controls and a smoking ban in Argentina.

Codere was co-founded in 1980 by the Martinez Sampedro family in Madrid after the death of Spanish dictator Francisco Franco which ended anti-gambling legislation in the country.

It looks very dark for the once hugely successful gambling firm now and the next twenty four hours will decide if they survive.