Regional news: Chile

Brazil’s Azul backs off from LATAM offer after Ch11 plan filed

Two days after South America’s largest airline LATAM submitted a Chapter 11 plan in New York, one of its Brazilian competitors has backed off from an offer to combine with the Chile-headquartered company.

03 December 2021

Andes snow drought ploughs Chilean plant operator into Ch11

The operator of an incomplete Chilean hydroelectric project, which plans to turn melted snow from the Andes mountains into electricity, has filed pre-packaged Chapter 11 proceedings blaming reduced snow fall over the past decade.

18 November 2021

Chilean car importer completes Chapter 11 restructuring

International noteholders of Chilean car importer Automotores Gildemeister have completed a debt-for-equity takeover of the company through a pre-packaged Chapter 11 plan approved in New York.

17 August 2021

Chilean bank investor secures interim protection in Delaware

A Chilean financial holding company controlled by billionaire Alvaro Saieh has secured court protection in Delaware to fend off any potential collection attempts by foreign creditors, as it works to restructure more than US$1.8 billion in debt.

02 July 2021

Chilean ski resort restructures debt with local firm Carey

Chile's Carey has helped ski resort Valle Nevado restructure US$60 million worth of debt, following financial difficulties caused by a recent snow shortage and social restrictions amid the covid-19 pandemic.

07 May 2021

Chilean car importer seeks support for pre-pack

Chilean car importer Automotores Gildemeister has commenced solicitation for a pre-packaged Chapter 11 process to reduce its debt by over US$200 million, after restructuring its senior notes in 2019 and 2016.

12 April 2021

Avianca, LATAM secure court approval for DIP financings

Multiple international and Latin American law firms have helped Colombian-Panamanian airline Avianca and Chile’s LATAM get court approval for debtor-in-possession financings worth more than US$4 billion, weeks after LATAM’s new money deal was initially rejected.

14 October 2020

New York court rejects LATAM DIP financing

A New York court has rejected a US$2.4 billion debtor-in-possession loan secured by Chile's LATAM from its shareholders, finding it had the effect of forcing an equity swap in a future restructuring.

15 September 2020

IBA webinar: LatAm airline Chapter 11s, forum shopping or sound strategy?

Specialists from the US, Brazil, Chile and Mexico met to discuss the allure of the Chapter 11 process for Latin American’s three largest airlines, Avianca, LATAM and Aeroméxico, as well as the potential pitfalls of forum shopping.

10 September 2020

Cayman court approves landmark cross-border communications protocol

A Cayman Islands court has approved a cross-border communications protocol for the first time, agreeing a process for working with courts in New York, Chile and Colombia on Chilean airline LATAM’s restructuring.

27 August 2020

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