Spain

Codere SA, the Spanish gaming company negotiating a 1.1 billion-euro ($1.5 billion) debt restructuring, said it has less than 24 hours to reach an accord with bondholders and neither side can guarantee a deal in time, Bloomberg News reported. In Codere’s latest restructuring proposal, bondholders would get 70 percent of the company’s equity while shareholders would hold 30 percent, the Madrid-based company said in a filing.

Gambling company Codere SA said it has until early Wednesday to secure a debt restructuring agreement and avoid bankruptcy, having agreed with creditors on a two-day extension to the deadline, The Wall Street Journal reported. The previous deadline, agreed with creditors holding around €1 billion ($1.4 billion) worth of debt, expired at the weekend, but a Codere spokesman said Sunday that talks were ongoing. Codere has been in a so-called preliminary bankruptcy since earlier this year, following complex negotiations with the bondholders and other creditors.

Pescanova SA is said to have won backing from a majority of creditors to restructure its debt a year after the Spanish fishing company entered bankruptcy protection, Bloomberg News reported. More than 60 percent of creditors voted in favor of the plan, which would hand control of the company to its biggest lenders, according to two people familiar with the results. At least 50 percent of creditors had to back the restructuring proposal. The operator of 90 ships as well as fish farms and processing plants from Spain to Chile needed to reach a deal with lenders by April 30 to avoid liquidation.

Codere SA gained more time to negotiate a 1.1 billion-euro ($1.5 billion) debt restructuring deal and avoid seeking full creditor protection, Bloomberg News reported. The Spanish gaming company’s lenders and a majority of bondholders agreed to continue talks for 10 days, Madrid-based Codere said in a statement. It had until today to reach an agreement or start insolvency proceedings after seeking preliminary creditor protection on Jan. 2.

Spanish media conglomerate Vertice 360 has declared insolvency and filed for a suspension of payments, which paves the way for a court-appointed administrator to prioritize debt and mediate payments with creditors, The Hollywood Reporter reported. The move comes after the Vertice failed to reach an agreement on its own with its creditors. The film and television group has been seeking to increase capital through various methods since December 2013, after posting a financial debt of $19.9 million (€14.4 million), with $93.7 million (€67.8 million) in losses.

Insolvent Spanish fishing company Pescanova, which is racing to avoid liquidation, said on Monday it had been granted an extra two weeks by a court to win the support of creditors for its debt restructuring plan, Reuters reported. Lenders have balked at the extent of losses the company, now being managed by the administrator Deloitte, wants them to take. Pescanova, a household name in Spain for its fish fingers, became one of Spain's biggest bankruptcies last year.

Codere SA’s bid to restructure 1.1 billion euros ($1.5 billion) of debt has stalled one month before the Spanish gaming company must reach an accord with creditors or seek full creditor protection, Bloomberg News reported. Codere’s bondholders rejected the company’s latest debt proposal today, saying it was “less favourable” than previous offers, according to a letter sent to the company’s board of directors.

Lenders to Pescanova SA, the Spanish fishing company trying to avoid liquidation, won’t back a shareholder restructuring plan and will seek to take control of the company, according to two people familiar with the matter, Bloomberg News reported. The banks plan to find an industrial partner to manage the business, said the people, who asked not to be identified because they’re not authorized to speak about it.

Lenders to Pescanova SA (PVA), the Spanish fishing company trying to avoid liquidation, won’t back a restructuring plan proposed by shareholders, Bloomberg News reported. Creditors will seek to seize control of Pescanova after an April 15 deadline set by a bankruptcy court for the plans from shareholders Damm SA, the Spanish brewer, and Luxempart SA, according to two people familiar with the matter, who asked not to be identified because they’re not authorized to speak about it. The banks plan to find an industrial partner to manage the company, the people said.

Spain has proposed a 2.3-billion-euro ($3.2 billion) rescue of nine failed motorways, two sources with knowledge of the matter said on Tuesday, in the latest state bail-out linked to the excesses of the country's property and construction boom, Reuters reported. The government plans to create a state company to house the failed toll roads, which will issue a 30-year bond of around 2.3 billion euros to pay the motorways' debt while forcing a 50 percent haircut on creditor banks, the sources said.