Welcome!

News Feed Item

Alsacia & Express Announce Entry into a Restructuring and Plan Support Agreement with Informal Group of Noteholders to Effect the Restructuring of the Existing Notes

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.

Important Note

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.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
The need for greater agility and scalability necessitated the digital transformation in the form of following equation: monolithic to microservices to serverless architecture (FaaS). To keep up with the cut-throat competition, the organisations need to update their technology stack to make software development their differentiating factor. Thus microservices architecture emerged as a potential method to provide development teams with greater flexibility and other advantages, such as the abili...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...