Carey advises Agrofoods on $65M reorganization in Chile

Carey acted for Agrofoods on reorganization proceedings involving debt of over $65 million.

 Agrofoods Central Valley Chile is an agri-industrial processing food company in Chile.

The company entered a process of re-negotiating its debts earlier in 2018 to avoid bankruptcy. The plan was approved by all its creditors including Banco de Chile, Banco Bice, Rabofinance, Banco de Crédito e Inversiones and Banco Security and multiple suppliers. During proceedings, the company also received a $40 million syndicated loan and continued normal operation. The approval of the plan has permitted Agrofoods to carry on negotiations for the sale of its business.

This is reportely the first reorganization plan in Chile to be supported by 100 percent of the creditors and a successful case in which a debtor company obtained financing under the special treatment that new loans receive by the Chilean insolvency law. 

Partners Pablo Iacobelli and Ricardo Reveco led the Carey team advising Agrofoods. 

The creditors instructed the legal teams below:  

– Philippi Prietocarrizosa Ferrero DU & Uría advised Elaboradora de Envases. Partner Ignacio Larraín led the team. 

– Larrain y Asociados acted for CHL Capital, with partner Arturo Bulnes on a lead role. 

– Tagle Cifuentes y Cía, led by partner Alfredo Tagle, advised Banco de Chile.

– Laiz & Morales was retained by to Banco Bice, with partner Fernando Laiz leading the team. 

– García Magliona & Cia acted for Santander, led by Esteban García Nadal. 

– Halpern de la Fuente advised Seguro Continental, Sugal, Agrocommerce, among others. Partner Vicente de la Fuente fronted this team. 

– Marshall, Rodríguez y Cía represented Euroamerica e Interfactor. Partner Enrique Rodriguez led the team.