Operator News
Chile – Enjoy S.A. initiates judicial reorganization process
By James - 15 February 2024
Through an essential fact signed by the general manager Esteban Rigo-Righi Baillie, Enjoy has announced that the 8th Civil Court of Santiago had initiated the “Judicial Reorganization Procedure” which the company announced at the end of January. The process will be led by lawyer and overseer Juan Ignacio Jamarne, who will be responsible for conducting the process with creditors.
The announcement means that Enjoy S.A. will now begin the initial steps of an agreement that will allow it to restructure its liabilities and assets, continue with business development, and fulfil its commitments to creditors, employees, and the communities where it operates, in order to regain its operational normality.
“We hope that this process will lead us to an agreement that allows us to emerge strengthened and resume our investment plans, improve operational profitability, and strengthen our financial position. All priorities are focused on our employees, customers, suppliers, and creditors,” stated Esteban Rigo-Righi. This process involves the Enjoy S.A. parent company and not its subsidiary companies, hotels, and casinos, which are expected to continue to meet all their obligations.
In January, the company announced that it was going through another restructuring. Enjoy outlined a number of reasons for not reaching its growth projections including “liquidity constraints and the slow post-pandemic recovery, which had greater complexities than initially anticipated.” During the years 2020-2021, it had carried out a successful restructuring programme which had allowed it to address the problems in its operation arising from the social unrest and later the Covid-19 pandemic. This procedure ended in 2022 Enjoy said.
