L'obligation Codere a fait défaut… puis revient sur le marché !

Maintenant que le créancier principal a été remboursés via les CDS, Codere suspend les paiements de coupons pour de bon.

On 14th Jan 2014 Codere, S.A. reports that after the expiration of the grace period requested last 12th Dec 2013 and due to the Company’s existing circumstances and the negotiations in course, the Company has agreed not to provide Codere Finance Luxembourg (S.A.) with the necessary funds to satisfy the accrued interest under the euro bond maturing 2015, therefore the coupon payment already stated maturing January 15th 2014 has been declared default.

Pour rappel :

Earlier this year, the Blackstone unit, GSO, bought bonds of and CDSs against a company called Codere, which operates betting parlors and race tracks in Europe and Latin America.

Then the Blackstone unit (along with another firm) took over a separate 100 million euro revolving Codere credit facility from several different megabanks.

Among the conditions of that deal: if Codere paid an interest payment due Aug. 15 (with a 30-day grace period), it would have to repay the entire loan at once.

But that was never going to happen, because the Blackstone unit (along with another firm) then lent Codere $35 million to cover the cost of missing the payment.

As agreed, Codere paid the loan two days late, and the CDSs were triggered.

The reporters estimate the Blackstone unit netted at least $15.6 million off the deal.

Source : Blackstone Credit Default Swap Story - Business Insider

Message édité par l’équipe de modération (07/11/2016 17h19) :
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