Carey counsels creditors on AD Retail debt restructuring

Chilean law firm Carey has acted as counsel to the creditors on the negotiation of a pre-packaged reorganisation agreement of AD Retail to restructure its debt of over $180 million.

The creditors counselled by Carey are Consorcio, comprising Consorcio Seguros de Vida, Consorcio Seguros Generales, Banco Consorcio, Consorcio Corredora de Bolsa and CN Life, and Moneda AFG.

The debt restructuring was approved by 76.7 per cent of the creditors, as well as the negotiation and implementation of a new financing granted by the current creditors.

Carey’s work related to the reorganisation of the debt of the parent company of the retailers Din and Dijon, and the financial retailer Cofisa, mainly related to bonds issued by AD Retail. It involved the negotiation of the terms and conditions of the debt restructuring, which contemplates an additional financing granted by the creditors and third parties. The law firm’s work also included the negotiation of the additional financing granted by the creditors.

Carey’s team was led by partners Ricardo Reveco (pictured), Salvador Valdés, and Cristián Figueroa, with associates Angélica De la Carrera, Roberto Villaseca, José Antonio Espinosa, Matías Garcés and Francisco Torm. 

Philippi Prietocarrizosa Ferrero DU & Uria (PPU Legal) acted as counsel to AD Retail, and Puga Ortiz also acted as counsel to AD Retail.