Codere Core Shareholders Initiate Sale of 71% Stake

17 November 2008

The Franco family, former co-owners of Groupo Codere S.A., have initiated sale of a majority shareholding in the Spanish company.

The sale comes after the company's core shareholders, the Martinez Sampedro family, failed to negotiate debt repayment terms with the Francos.

The Francos had given the Martinez Sampedro family until Nov. 13 to iron out terms regarding repayment of around 188 million euros of debt.