Zona de Azar Chile- Chile: Enjoy Moves Forward With Judicial Reorganization Process

Chile.- August 12, 2024 www.zonadeazar.com  Enjoy submitted a proposal for judicial reorganization to the Chilean Judiciary (8th Civil Court of Santiago).

Esteban Rigo-Righi , the company’s general manager, explained to Chile’s Comisión para el Mercado Financiero (CMF) that the project has “changes in certain clauses.” Rigo-Righi also reported that “the plan presented to the creditors regulates and determines specific aspects that were in the [project] previously presented.” 

Under the new proposal, Enjoy defined “advancing and/or restructuring financial obligations; the alternative of selling assets and raising new resources for financing”. 

The company divided this process into two stages: the first determines payment to international bondholders within 90 days, who should receive 100% of their credits if the proposed renegotiation conditions are not met; the second includes payment to holders of Series S and Series T bonds. 

“Before the corporate restructuring is completed, the sale of any Enjoy business unit may not be completed, with the exception of international bond assets,” the project stipulated.

In addition to the financial restructuring, the international operator “will submit the complete renewal of the board of directors to the shareholders for consideration” on August 19 of this year. 

Editó: @_fonta www.zonadeazar.com