3 December 2021
- Iain White, Michael Dakin, Eduardo García, Marc Mehlen, Seema Shukla, Tim Lees (He/Him), Pedro Cubillas, Alexandra Borrallo Veiga, Nazim Faïd, Christian Kremer, Arvine Nooralian, Louis Mamère, Aubry Kocian, Audrey Mucciante, Michael Panayi
- London, Luxembourg, Madrid
Clifford Chance advises Codere group on its €1.2bn financial restructuring
International law firm Clifford Chance has advised the Codere group, a leading player in the private gaming industry, on its €1.2bn restructuring by way of a new money offering and consent solicitation, the need for which arose from continuing COVID-related restrictions and closures which impacted materially on the group's gaming and casino businesses.
Following on from advising Codere on its successful restructuring last year (in that case utilising an English law scheme of arrangement), this transaction involved the provision of €225m of new cash funding (including €100m of bridge funding) by way of issuance of super senior notes, and a wider restructuring that included a consensual enforcement by way of a Luxembourg law appropriation over the operating group by the noteholders. The transaction also provided consents to allow Codere to list its online business as part of a transaction with DD3 Acquisition Corp. II, a NASDAQ-listed special purpose acquisition company.
A consensual restructuring, utilising a New York law consent solicitation process, was possible after well in excess of 90% of the noteholders entered into a lock-up agreement in support of the transaction.
Clifford Chance advised in England, Spain, Luxembourg, New York and Italy, and acted as both high yield and restructuring counsel.
The Clifford Chance core team was led by London-based Partners Iain White and Michael Dakin, Madrid-based Partners Eduardo Garcia and Inigo Villoria, and Luxembourg partner Marc Mehlen; supported by Senior Associates Seema Shukla and Tim Lees in London, Pedro Cubillas and Alexandra Borallo in Madrid and Nazim Faïd in Luxembourg.