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Alsacia & Express Announce Entry into a Restructuring and Plan Support Agreement with Informal Group of Noteholders to Effect the Restructuring of the Existing Notes
|By PR Newswire
|August 31, 2014 03:18 PM EDT
SANTIAGO DE CHILE, Chile, Aug. 31, 2014 /PRNewswire/ -- Inversiones Alsacia S.A. and Express de Santiago Uno S.A. (together with their subsidiaries and affiliates, the "Company") announced today that they have entered into a Restructuring Plan Support Agreement (the "Agreement") with an informal group of holders (the "Informal Group") that, collectively, holds more than 60% of the principal amount of the Company's 8% senior secured notes due 2018 (the "Existing Notes") to restructure the Existing Notes through a prepackaged plan of reorganization filed under Chapter 11 in the United States (the "Plan").
A Company spokesperson commented, "With this agreement, the Company expects to continue to provide uninterrupted bus services to the citizens of Santiago and will continue to meet its obligations to its vendors and employees, who will not be negatively impacted in any way by the Agreement."
The Company has not experienced and does not expect to experience any disruptions in its operations during its reorganization process. Specifically, the Company expects to continue to:
- operate its full schedule of services to the citizens of Santiago;
- provide its employees with wages, healthcare coverage, vacation days, and similar benefits without interruption; and
- pay suppliers for goods and services received throughout the reorganization process.
No other creditors or suppliers have been, or should be, affected by the restructuring of the Existing Notes that is to be implemented in accordance with the Plan. The Company remains current on all of its other obligations as of the date of this announcement.
Under the terms and conditions of the Plan, qualified holders of Existing Notes will receive new notes (the "New Notes") issued by the Company with a principal amount equal to the principal amount of the Existing Notes that they hold plus accrued and unpaid interest thereon. The New Notes will have an initial maturity of December 31, 2018, which may be extended in the event that the Company successfully obtains extensions of its concessions through at least April 2021. The New Notes will bear interest at a rate of 8.0% per annum, which is the same as the interest rate applicable to the Existing Notes, and will have semi-annual mandatory amortizations as set forth in the Plan, as well as mandatory redemptions in the event that the Company generates excess cash. Further detail on the terms and conditions of the New Notes is contained in the description of notes included as an exhibit to the Plan. Confirmation of the Plan remains subject, among other things, to the successful solicitation of consents and confirmation by the U.S. Bankruptcy Court for the Southern District of New York.
A copy of the Agreement, including the Plan, the description of notes and the proposed form of cash collateral order attached thereto, is available on the Company's website (www.exps1.cl or www.alsacia.cl) under the heading "Inversionistas – Comunicados y Noticias" for both Inversiones Alsacia S.A. and Express de Santiago Uno S.A.
The restructuring described above is subject to the satisfaction of closing conditions and is not an offer to sell securities or a solicitation of an offer to purchase any securities. This release is not intended as a solicitation for a vote on the Plan.
Forward Looking Information / Projections
The materials set forth and referenced herein contain certain statements that are "forward looking statements". These statements are subject to a number of assumptions, risks, and uncertainties, many of which are and will be beyond the control of the Company including the continuing availability of sufficient borrowing capacity or other financing to fund future principal payments of debt, existing and future governmental regulations and actions of government bodies and other market and competitive conditions.
These statements speak as of the date indicated and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and the Company undertakes no obligation to update any such statements.
Projections also are included in the materials set forth and referenced herein. Such projections have not been examined by auditors. The projections, while presented with numerical specificity, are necessarily based on a variety of estimates and assumptions which, though considered reasonable by the Company, may not be realized and are inherently subject to significant business, economic, competitive, industry, regulatory, market and financial uncertainties and contingencies, many of which are and will be beyond the Company's control. The Company cautions that no representations can be made or are made as to the accuracy of the projections or to the Company's ability to achieve the projected results. Some assumptions may prove to be inaccurate. Moreover, events and circumstances occurring subsequent to the date on which the projections were prepared may be different from those assumed, or, alternatively, may have been unanticipated, and thus the occurrence of these events may affect financial results in a materially adverse or materially beneficial manner.
SOURCE Inversiones Alsacia S.A.; Express de Santiago Uno S.A.
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