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“We have made a difficult but necessary decision to initiate a bankruptcy reorganization process,” he said. Ricardo Margulis, general manager of Valle Nevado.
As he said, “we are sure that it is the best business decision to be able to organize ourselves, continue operating and continue projecting Valle Nevado for many more years.”
In detail, the executive explained that they live “a perfect storm”. A dry 2019, the winter with less rain in the last 50 years, which affected the arrival of visitors and tourists that season, and the health crisis that has hit them hard: closed and practically without income throughout 2020.
“We depend on 4 months of operation. During those 120 days, almost all of our income is generated and this year they have been zero ”, he stressed.
The executive highlighted that Valle Nevado is up-to-date in its commitments with financial creditors, which represent almost 92% of the debt that amounts to US $ 39 million and is made up of long-term liabilities, where there is a syndicated loan, in addition of short-term debt with medium and small value creditors.
“The reorganization is a difficult step, but important as a company for the future, it is choosing to work and be responsible with our workers, creditors, suppliers and with the Valle Nevado community to move forward. We are going to structure our business model to improve our commercial performance, liquidity and operating capital ”, he concluded.
The process will be handled by teams of expertise, such as Carey (legal) and Deloitte (financial).
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