Chilean car seller set for Chapter 11 after missing coupon

Chile, Hyundai, car, restructuring, automotores gildemeister, LatAm, recession, crisis, default, 575
By Oliver West
06 Apr 2021

Automotores Gildemeister, the distributor of Hyundai cars in Chile and other South American countries, is set to file for bankruptcy with the support of its bondholders after missing a coupon payment on its $510m senior secured 7.5% 2025s on April 1. The process is set to reduce the company’s debt by $200m, said the issuer

Chile-headquartered Gildemeister has called a shareholder meeting for April 9 and plans to file for Chapter 11 bankruptcy protection before the second half of the month, with the pre-packaged reorganisation plan already enjoying the approval of “key creditor constituencies” including bondholders, as well car manufacturers.

Gildemeister says this endorsement ...

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