March 24, 2020 / 6:44 AM / 11 days ago

BRIEF-Codere Provides Operational Status Update And Contingency Plan Against Covid-19

March 24 (Reuters) - Codere SA:

* SAID ON MONDAY IN ADDITION TO LOCAL LOAN RECENTLY OBTAINED IN MEXICO, TO DRAWN THE REST OF CORPORATE SUPER SENIOR REVOLVING CREDIT FACILITY

* TO LIMIT CASH OUTFLOWS TO DEFINED CRITICAL ITEMS INCLUDING PAYROLL, TAXES AND DEBTSERVICE WHILE CLOSURES LAST

* TO NEGOTIATE WITH RELEVANT COUNTERPARTIES ACROSS DIFFERENT CATEGORIES TO REDUCE, DELAY OR EXTEND PAYMENT TERMS

* TO FREEZE CAPEX, MAINTENANCE AND GROWTH INITIATIVES

* NON-CRITICAL PROJECTS AND INITIATIVES TO BE DISCONTINUED TO REDUCE THE RUN RATE OF EXPENSES

* TO ANALYSE CASH SAVING MEASURES, INCLUDING TEMPORARY REDUCTION OF PERSONNEL COSTS USING EXISTING MEASURES IN LOCAL REGULATIONS, AND ADDITIONAL MEASURES DEFINED TO SUPPORT COMPANIES AFFECTED BY OPERATING RESTRICTIONS

Source text: bit.ly/2y4jI8A

Further company coverage: (Gdansk Newsroom)

Nuestros Estándares:Los principios Thomson Reuters
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