Chilean Auto Importer Gets OK For $200M Ch. 11 Plan

Law360 (May 27, 2021, 4:21 PM EDT) -- A New York bankruptcy judge approved a prenegotiated Chapter 11 plan Thursday for Chilean auto importer Automotores Gildemeister SpA that had been amended to give bondholders a cashout option.

Following a virtual hearing, U.S. Bankruptcy Judge Lisa Beckerman overrode objections by the U.S. Trustee's Office to the plan's liability releases to approve AG's Chapter 11 plan, which will trim about $200 million of what the company's counsel described as its "unsustainable" debt.

Santiago-based AG is an auto importer and distributor operating in Chile, Uruguay, Brazil, Peru and Costa Rica. It filed for bankruptcy in April with over $623 million in debt, blaming...

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