Restructuring, Insolvency and Bankruptcy Chile Newsletter – September / October 2021 | Dentons

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Find out about the latest news on restructuring, insolvency and bankruptcy in Chile: a favorable termination resolution has been obtained for a subsidiary of a multinational group before a civil court in Santiago; corporate liquidations rose 56.1% in September; Latam Airlines is moving forward in its process of exiting Chapter 11 of the US bankruptcy law.

A successful termination resolution was obtained for a subsidiary of a multinational enterprise which was subject to voluntary liquidation proceedings

September 22, 21st The Santiago Civil Court issued a decision terminating the liquidation proceedings to which Regus Business Center de Chile V SA (“Regus V”), a subsidiary of the multinational group IWG plc, was subject. As a result, the court declared extinguished – by the rule of law alone – all unpaid debts the company owed to its respective creditors, which amounted to more than US $ 1.6 million.

In this regard, it should be noted that during the procedure, no action was brought by the creditors of the company against its former directors or legal representatives, no action for revocation was presented and none of the claims. verified has been challenged. Likewise, the termination resolution has not been appealed by the creditors.

To read the termination resolution Click here.

The liquidation procedures of debtor companies register an increase of 56.1% in September 2021

According to the Insolvency Superintendency, in September of this year the number of companies with voluntary liquidation proceedings reached 178, which translates into an increase of 56.1% over the previous year. same month of last year. This is the highest number of business liquidation requests recorded in a month since the entry into force of Law No. 20,720. In addition, compared to August 2021, the increase was 14.8 %, also the highest for the current year.

To read all the news, click on here.

Latam Airlines Moves Forward with U.S. Chapter 11 Bankruptcy Plan

The airline, which was the subject of reorganization proceedings in the United States on May 26, 2020, communicated to CMF and to the market in general, through a essential fact as of September 29, 2021, that it has agreed to receive US $ 750 million as part of the financing of Tranche B of a DIP (Debtor in possession) credit facility.

The proposal was submitted by a group of financiers made up of Oaktree Capital Management, LP and Apollo Management Holdings, LP, as well as certain funds, accounts and entities advised by the former.

To learn more about the details of this transaction, click here.


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