Astaldi advances turnaround plan in Chile

Astaldi advances turnaround plan in Chile

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Shareholders have endorsed Astaldi's restructuring plan in Chile, saying the construction company has 36 months to pay its creditors, including BTG Pactual and Itaú CorpBanca, LatinFinance has confirmed.

"The shareholders approved the turnaround plan to pay creditors and begin rebuilding the business," said an investment banker in Santiago.

He added that 95% of Astaldi Chile's shareholders approved the scheme, which established a creditor commission to ensure that earnings from contracts with the state-owned copper company Codelco go to pay off debts.

Banco de Chile, Emin Ingeniería y Construcción, Marti, Fugro and Lombardi sit on the commission with BTG Pactual and Itaú CorpBanca, he said. Astaldi Chile will begin paying the debt at a rate of 5% in July, he added.

The Chilean subsidiary of the Italian construction company filed for bankruptcy in February, listing $761m in debts. Astaldi is trying to sell its 15% stake in the concessionaire for the Nuevo Pudahuel airport in Santiago to pay off some of the debt.

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