Secured bondholders take driver’s seat in Chilean car seller restructuring

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Secured bondholders take driver’s seat in Chilean car seller restructuring

Chile, Hyundai, car, restructuring, automotores gildemeister, LatAm, recession, crisis, default, 575
ANTOFAGASTA, CHILE - NOVEMBER 17, 2015: Blue minibus Hyundai H-1 at the background of the Amphitheater of the Moon Valley (Valle de la Luna) in the Atacama desert. | Art Konovalov/art_zzz - stock.adobe.com

Chilean car seller Automotores Gildemeister is seeking bondholder permission for a restructuring that would see senior secured creditors receive all the company’s equity and a combination of secured and unsecured bonds. Unsecured bondholders — who will be offered a far more meagre recovery — have hired legal advisors.

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