Creditors Approve La Polar Restructuring

Creditors Approve La Polar Restructuring

Chile Bonds Corporate & Sovereign Strategy

Chilean retailer Empresas La Polar’s creditors have agreed to restructure about $900m in debt, helping the company avert bankruptcy. The move calls for a $220m equity capital increase, allowing La Polar to move forward in the restructuring process. In June, La Polar disclosed it overcharged clients for past-due store credit card bills and was setting aside nearly $1bn in loan-loss provisions. Authorities are investigating La Polar for raising interest rates, and charging delinquent fees to

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