Case Codere: the National Court archives the criminal proceedings

A final ruling that puts an end to the judicial process

The The National Court has definitively closed the criminal proceedings opened by a group of minority shareholders in connection with the restructuring of Codere in 2026.

The National Court rules out investigating the restructuring of Codere in 2026.

The Criminal Court confirmed the rejection of the complaint when considering that is not competent to investigate the facts raised , a decision that is also final and does not allow appeal. This ruling marks the end of one of the most relevant judicial fronts that remained open for the company.

Although it does not go into assessing the merits of the accusations, it does establish that The facts described do not meet the necessary requirements to be analyzed in this criminal instance.

Specifically, The court rules out that there is sufficient impact on the national economy or commercial traffic that justifies its intervention. Nor does it appreciate that the events reported have an international character that allows it to be attributed jurisdiction, despite the corporate structure adopted after the restructuring.

A key operation in Codere New Zealand

The restructuring of 2026 occurred in a context of strong financial pressure for Codere New Zealand , especially after the impact of the pandemic on in-person business. The company then carried out a profound reorganization that ensured the continuity of its activity and preserved its position in the market.

The process involved a total change in group control. The creditors began to concentrate 95% of the capital of the new structure, while the old shareholders were left with a very reduced participation. This distribution is, precisely, the origin of the conflict that ended up in court.

Furthermore, the reorganization gave rise to a new structure business in which areas such as Codere Online They acquired a growing weight within the business as a whole, in line with the evolution of the sector towards the digital environment.

As part of the agreement, the minority shareholders received “warrants” , instruments that offered them the possibility of benefiting from a possible future revaluation. However, the subsequent valuation of these assets generated controversy and fueled discontent Among affected investors.

What the shareholders demanded

The complaint filed by the minorities was directed against the former board of directors and against several companies linked to the operation. In it Possible crimes such as accounting falsehood were pointed out , unfair administration or adoption of harmful social agreements.

Also It was requested to investigate the liquidator of the original company , a request that was also rejected in the resolution. The court concludes that there is not sufficient evidence to allow the facts to be classified within the criminal scope in this case.

During the process, the complainants also tried to connect the case with tax issues and controversial business decisions , in a context in which the link between Codere and Montoro reappeared. However, these lines of argument have not been included in the final decision.

Impact on business and Codere Betting

The closure of this judicial avenue has a direct effect on group perception in the market. For Codere Apuestas, it eliminates a source of uncertainty that could influence both its image and its positioning within a highly competitive environment.

In a sector marked by regulation and reputational pressure, Legal certainty has become a key element for operators. The decision of the National Court allows the company to leave this criminal episode behind and focus on its operational activity.

At the same time, the case leaves a relevant reading for the industry as a whole. The resolution reinforces the idea that not all corporate conflicts arising from major restructurings find fit in criminal proceedings , especially when there is no widespread impact on the economy.

With this error, Codere closes one of the most sensitive chapters after its reorganization, consolidating its current situation and reducing the judicial pressure that still weighed on the New Zealand company.

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