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The manager of Enjoy, Rodrigo Larraín, informed this Friday to the Commission for the Financial Market (CMF) that the firm is making all possible reorganizations to avoid its bankruptcy.
In our country, the company manages businesses -among game rooms, restaurants and hotels- in Antofagasta, Chiloé, Coquimbo, Los Angeles, Pucón, Puerto Varas, San Antonio, Santiago, Villarrica and Viña del Mar.
By means of an essential fact, the executive indicated that the social outbreak and the effects of the pandemic they directly influenced their commitments to creditors.
“Yesterday afternoon, the Enjoy S.A. directory agreed to start a Judicial Reorganization Procedure (…). This decision was made based on the current financial situation of the company, the expected flows for the coming months and the payment situation with the Company’s Creditors, ”said the executive in the letter.
Larraín explained that one of the reasons that justify this measure is the situation of the Covid-19 pandemic, since the Superintendence of Gambling Casinos instructed the closure of all these venues in Chile until the sanitary conditions are reversed.
In addition, Enjoy also has its operations in Argentina (Mendoza) and Uruguay (Punta del Este).
“All this imposes that the company is not receiving income from its business ”Larraín wrote in the essential fact.
Along the same lines, the general manager of the firm expressed that the social outbreak led to the “forced closure” of operations for several days and then to a subsequent “intermittent operation”, which It generated “extraordinary and unforeseen costs and expenses and a general drop in the flow of visits.”
Financial impact
Then, in the essential fact presented to the CMF, Enjoy explained that all of the above has caused them “a strong financial impact” that translated directly into losses.
For this reason, they asked the Superintendency of Gambling Casinos for a series of palliative measures that would allow the sector to recover.
Enjoy has been in talks with its creditors to try to obtain solutions “that adapt the terms of the credits to the generation of expected flows”.
“(We) have found an echo in some of them, but reluctance in others”, communicated. So they have seen threatened the proper use of the box of the company.
Regarding uncertainty, Larraín expressed in his letter that Furthermore, they fear that once the pandemic has been overcome or not, social unrest will resume.
“In such circumstances, the board of directors has considered it necessary to present the opening of a bankruptcy reorganization procedure to face creditors in a responsible manner, restructure their liabilities, set a payment schedule according to projected flows and restore normal operations. “He pointed out.
Finally, Enjoy’s shareholders had a meeting scheduled for this Friday, which It was suspended.
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