Spanish gambling operator Codere is seeking emergency refinancing of its debt as the COVID-19 pandemic puts a serious crimp in its cashflow.

On Monday, Spanish media outlet El Confidencial reported that Codere had enlisted Bank of America to ensure the company had enough liquidity to ride out the impact of COVID-19. Codere has suffered the closure of its land-based gaming venues while its online gambling division is struggling due to the mass cancellation of sports and racing events.

Codere has seen the value of its €900m bond issue tumble from €0.90 to €0.35 in a little more than one month, leading Moody’s to downgrade the bonds to junk status and raising concerns that the struggling firm is once again teetering on the brink of bankruptcy.

Codere was forced to furlough nearly 70% of its Spanish workforce in late-March following the government’s order to close all non-essential retail operations to minimize further COVID-19 transmission.