Morales & Besa advises financial creditors of La Polar on restructuring process 

March 12, 2015

Morales & Besa successfully advised the Bank of Chile in its capacity as representative of the bondholders of Empresas La Polar SA (which had 99.8% of the debt) in the process of restructuring the debt of that company for approximately US$1,000 million. The restructuring plan consisted of the issuance of bonds convertible into shares of Empresas La Polar, which were used to partially prepay debt with creditors of La Polar. Thus, creditors of the company remained with the possibility to acquire up to 66.7% ownership of Empresas La Polar – if converted all of its convertible bonds of the company – and the financial debt of Polar was reduced by approximately 75%.

The team of Morales & Besa was led by partner Pedro Garcia, together with associates Andrea Diaz, Sebastian Luco, Josefa Rodriguez and Vicente Valdés.