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Bankruptcy court approves settlement deal between WOM Chile and debtors
A Delaware district bankruptcy court in the US approved a settlement agreement between an ad hoc group of WOM noteholders, debtors, and the official committee of unsecured creditors.
The agreement resolves a motion to dismiss the debtors' Chapter 11 cases and all objections filed by the ad hoc group. It also includes a bidding process to maximize the present value of the debtor’s assets.
The court set October 18 as the date by which interested parties can submit their bids and become WOM investors.
It was stated in a recent document related to the reorganization process that the debtors and their advisors “have received expressions of interest from both strategic and financial institutions that are interested in acquiring the debtors' assets.”
“We are open to see what the alternatives are,” América Móvil CEO Daniel Hajj said when asked about WOM during the firm's 2Q24 investor call. However, he added that it is not clear whether the company will be involved in any M&A deals.
America Móvil recently took control of the ClaroVTR joint venture.
WOM Chile is facing bankruptcy protection proceedings in the United States, while its Colombian sister company chose the insolvency process outlined in local law.
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