Chile’s Inversiones Alsacia to exchange notes under prepackaged plan

By Caroline Salls

Pittsburgh, Sept. 2 – Inversiones Alsacia SA and Express de Santiago Uno SA entered into a restructuring plan support agreement with an informal group of holders of more than 60% of the principal amount of their 8% senior secured notes due 2018 to restructure the existing notes through a prepackaged Chapter 11 plan of reorganization, according to a company news release.

The company said it does not expect to experience any disruptions in its operations during its reorganization process.

No other creditors or suppliers have been, or should be, affected by the restructuring of the existing notes, and the company remains current on all of its other obligations, the release said.

Under the plan, qualified holders of existing notes will receive new notes with a principal amount equal to the principal amount of the existing notes they hold plus accrued and unpaid interest.

The new notes will have an initial maturity of Dec. 31, 2018, which may be extended if the company obtains extensions of its concessions through at least April 2021. The new notes will bear interest at a rate of 8%.

The plan is subject to solicitation of creditor votes and confirmation by the U.S. Bankruptcy Court for the Southern District of New York.

Alsacia is a transportation company based in Santiago, Chile.

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