Chilean Holdco Asks To Sell Bank Share Rights In Ch. 11

By Vince Sullivan (October 13, 2021, 3:44 PM EDT) -- Financial holding companies owned by Chilean billionaire Álvaro Saieh asked a Delaware bankruptcy judge for permission to sell subscription rights for new shares in Itau Corpbanca, saying it doesn't have the cash to exercise those rights itself.

In its motion late Tuesday, Corp Group Banking SA said its primary asset consists of more than 27% of the public shares of Itau Corpbanca, the value of which has declined significantly over the years and left the debtor unable to pay back $500 million in notes.

In June, Itau Corpbanca announced its intention to raise up to 830 billion Chilean pesos ($1 billion)...

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