April 2, 2021
Chilean car dealer Automotores Gildemeister said Thursday that it would not make a scheduled interest payment on April 1 and file a "pre-packaged" reorganization plan under Chapter 11 of the US bankruptcy code by mid-April.
Santiago-based Gildemeister said it will include its businesses in Chile, Uruguay and Brazil in the plan but exclude its operations in Peru and Costa Rica. It also said that "holders of a substantial majority of the company's secured notes" agreed to support the plan.
Chilean car dealer skips an interest payment and blames the high exchange rate, civil unrest and the COVID-19 pandemic for its pedicament