Codere Says Owners Have Missed Debt Repayment Deadline

3 November 2008

Codere S.A. announced on Friday that its owners have not met a deadline to repay the company's former owners.

According to a prepared statement, the Martinez Sampedro family, the Madrid-based gaming group's current owners, are in talks over a payment solution with the Franco family. The family owes 188 million euros or $240.2 million to the Franco family.

Under the agreement terms, the Martinez family will have to renegotiate its debt or sell its stake if the payment is not received.

According to Reuters, shares in Codere were suspended ahead of the announcement, trading down 3.16 percent at 9.20 euros.