Codere SA Seeks Emergency Funding Solutions

Published

2 years ago

May 25, 2020

Codere SA Seeks Emergency Funding Solutions

Reading Time: < 1 minute

According to reports, Codere SA is seeking emergency funding solutions that have failed to convince creditors to help their company recovery plans.

The embattled gambling group Bolsa Madrid has failed to secure an additional € 100m credit line to keep Spanish and LaTam retail units floating during lockdown.

Codere is currently sustaining its company on the verge of bankruptcy via a €130 million credit facility that is expected to run out by the close of trading in July.

Future expectations see Codere facing higher interest rates on its corporate debt of €800 million, having delayed repayments in April in order to seek new funding options.

Meanwhile, financial advisor Bank of America has failed to renegotiate terms of debt maturity with US bondholders Silver Point and Abrams Capital.

The eyes of Bolsa Madrid have turned to the next actions of Codere president Norman Sorensen to collect immediate money.

In a race against time, with a view to selling its individual South American business units (Argentina, Mexico and Uruguay), Codere could secure a further amnesty for debt paid.

However, a selling option for LaTam would be undertaken under unfavourable conditions, following currency collapses reported across its entire portfolio in South America.

Related Topics:Abrams Capital Bolsa Madrid Codere SA company recovery plans Silver Point

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Casino Plus Bonus: New English Edition is live!

Published

1 day ago

September 30, 2022

Gaspar Incze

Reading Time: 2 minutes

Casino Plus Bonus, the leading German gambling news and review portal has finally launched its English language Edition! It features exclusive news covering everything you need to know about the international Gambling scene. The goal of the new Casino Plus Bonus version is to bring the successful concept of this leading iGaming informational platform to an international scale. While the portal has originally been a reference point for gamblers across Germany, Switzerland and Austria, it is now available for a Worldwide audience.

What is new for Casino Plus Bonus?

With the beta-testing complete, the English Edition of Casino Plus Bonus is now fully functional and available on all devices. One interesting feature is that the English-language version has a special technological focus on mobile devices. This is due to the ever growing popularity of mobile gaming.

Jack Bannon, publisher of the English Edition, said:

“The English-language version of Casino Plus Bonus is a very challenging and motivating undertaking. We are starting from an influential position with credible brand recognition crossing over from the German language versions of the portal. We are already taking the different cultural and behavioral particularities of an international audience into consideration, as well as recognizing the multiple regulation frameworks across various jurisdictions. Naturally, our goal is to consistently keep readers fully informed on developments in their respective market and offer the best casino promotions available to our audience.”

What does Casino Plus Bonus feature?

Casino Plus Bonus is a leading informational platform that covers news about the casino industry, game producers and new game releases, as well as interviews with important personalities in the gambling industry. It also has a dedicated team of experts in the casino testing field, that review and provide ratings for online casino provider. Additionally, Casino Plus Bonus offers a great selection of service articles, such as how-to-guides, as well as a wide selection of exclusive casino bonuses.

The International Edition will have a focus on Canada, New Zealand, South Africa, the United Kingdom, and the Republic of Ireland as main English-speaking countries. However, also India and other countries that have an audience that searches and reads iGaming content in English, for example CEE will be taken into consideration. Each country has licensed casino operators that offer special deals and Casino Plus Bonus takes that into account with dedicated casino listings.

What does the English Edition of Casino Plus Bonus focus on?

Apart from the usual features of Casino Plus Bonus, the new English version will have a new focus: The new English-language portal will pay particular attention to special promotions. Every promotion will be tested and validated before it is published to the target audience. Most of those promotions include no deposit bonuses and free spins and are exclusive for the readership.

Moreover, the English Edition will have a focus on English-speaking countries, such as Canada, New Zealand, South Africa, the United Kingdom, and the Republic of Ireland, as well as India and other countries that have an audience that searches and reads iGaming content in English.

Georg Heinrich, Founder and Publisher of the German edition added:

“We are extremely happy to have Jack Bannon and his team on board. We believe that parts of our winning concept translated into leadership on the German market can also be transferred into the creation of an informational iGaming portal for an international audience. Furthermore, Jack has extensive publishing experience in the gambling field and will develop the international edition of our iGaming informational product further.”

Industry News

FDJ Launches New Payment Solution Nirio

Published

1 day ago

September 30, 2022

Niji Narayan

Reading Time: < 1 minute

French national lottery operator Française des Jeux (FDJ) has launched a new payment solution designed to help households pay their rent and bills.

Nirio was announced earlier this year and represents a collaboration between FDJ and the French Confederation of Tobacconists.

This solution will supposedly allow citizens to pay their water, gas, electricity or telephone bills – as well as rent – at authorised outlets.

FDJ explained how Nirio works: “After scanning their invoice using the Nirio application, the user will have a payment QR code generated on their smartphone, which they can present to a partner merchant.

“After checking their identity document, the user can pay the bill in cash or by card. A proof of payment will then be given to them.”

Currently, 10,000 FDJ partner merchants have signed up to offer Nirio, of which more than half are already approved by France’s Prudential Supervision and Resolution Authority (ACPR).

FDJ has also partnered with housing firm Seqens, who will now, through Nirio, accept rent payments in cash or by card at approved points of sale.

According to FDJ, six million households in France do not wish to use direct debit to pay their bills. Consequently, it believes Nirio will serve as a preferable alternative.

“What is important for our group is to put people back at the heart of the payment of daily bills, by offering an alternative, practical and fast way for people who are sometimes far from urban areas or resistant to online payment,” said Raphaël Botbol, FDJ’s Strategy, Innovation and New Activities Director.

Industry News

Win Systems Appoints Angelo Palmisano as its Chief Strategy Officer

Published

3 days ago

September 29, 2022

Niji Narayan

Win Systems Appoints Angelo Palmisano as its Chief Strategy Officer

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Win Systems, the leading provider of technology for the gaming and entertainment industry, has appointed Angelo Palmisano as its Chief Strategy Officer (CSO). In his new position, Angelo will be responsible for defining Win Systems’ product and business strategy, working closely with Dario Zutel (Executive Chairman) and Eric Benchimol (CEO).

Angelo’s sterling reputation in the gaming industry began when he founded Paltronics in 1992. Angelo was responsible for leading and growing the casino systems company until Aristocrat acquired part of Paltronics in 2014. At that time, Angelo also joined the multinational as senior vice president of global product and innovation, a position he held until 2021. His extensive knowledge of the industry and customers, and his business vision will be key to driving Win Systems’ growth and consolidation among the industry’s major global suppliers.

“I would like to warmly welcome Angelo to the great Win Systems family. We have known each other for many years, and I do not doubt that his enthusiasm, knowledge, and foresight will be key in our path to excellence,” Dario Zutel, Executive Chairman of Win Systems, said.

“We are delighted with Angelo’s appointment, he will bring a new vision to our growth strategy. We are convinced that we will be able to push Win Systems even further in those markets where we still have great development potential,” Eric Benchimol, CEO of Win Systems, said.