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| Codere to expand into Panama's gaming market |
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Alta and Powelton Company, Inc., the latter with whom the Group signed and announced a letter of intent on February 2, 2010, are both affiliates of Codere, S.A.The Spanish based gaming company currently has gaming holdings in Panama. Violy & Co. served as an advisor to Alta on this transaction. The sale is subject to certain conditions to closing, including the approval by a number of applicable government entities, including the Panama Gaming Control Board and the local anti-trust authority, and therefore, there can be no assurance of closing. Thunderbird reiterates that it has had tremendous success in Panama over the past 11 years and is very appreciative of the hard work and dedication of our valued employees. The completion of the sale would provide the Group with an opportunity to repay certain Panamanian sourced debt and to improve the Group's balance sheet. |
Thunderbird announces that it has entered into agreements for the sale of its 63.63% stake in its six Panama casinos with Alta Cordillera, S.A. ("Alta").
