Multitiendas Corona pulls out of bankruptcy

Multitiendas Corona pulls out of bankruptcy

Corporate & Sovereign Strategy Debt Loans Commerce Chile Coronavirus

Chilean retailer Multitiendas Corona has paid off CLP21 billion ($25.1 million) in bank loans and other debts to emerge from bankruptcy protection and regain access to financing, according to local news reports. The retailer filed for bankruptcy protection in August 2020 after social protests near the end of 2019 and a lockdown for the COVID-19 pandemic in 2020 slammed sales and pushed it to losses. The company, owned by the Schupper family, sought to negotiate a seven-year repayment plan with i

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