MADRID Jan 7 Spanish gaming group Codere
, which last week sought protection from creditors and
started talks to avoid insolvency, on Tuesday said it had
accepted an offer for a grace period on a 127-million-euro ($173
million) loan due on Jan. 5.
In a statement to Spain's stock market regulator, the
company said the entities which made the loan had offered to
extend the repayment deadline by 30 days, to Feb. 6.
Further extensions are possible until April 15, depending on
progress in debt talks, it also said.
Codere, which had 1.27 billion euros of debt at the end of
last September, according to company filings, had warned when it
filed for protection from creditors about a possible late
repayment on the 127-million-euro loan.
Under the proceedings, Codere has up to four months to reach
a deal with banks and investors.
Codere did not return calls seeking comment on the
implications of the grace period.
The group has made several late payments on bond coupons in
recent months as it tried to win time to restructure its debts.
International private equity firm Blackstone Group LP
, through its credit arm GSO Capital Partners, and hedge
fund Canyon Capital LLC are among investors that have bought up
Codere debt in recent months.