After the postponed second hearing in the Chapter 11 process filed in the Delaware District Court, United States, the operator and its creditors reached an agreement with several aspects, subject to court approval.

First, the bondholders accepted that WOM's financial restructuring will proceed in that jurisdiction. They had initially proposed moving it to Chile.

Second, the parties agreed to increase the payment capacity to local suppliers, and the bondholder group agreed to withdraw most of their objections to the company's requests.

Third, the court approved Debtor in Possession (DIP) financing of US$ 210 million for WOM Chile with JPMorgan, releasing US$ 110 million in liquidity for the company.

Fourth, WOM will carry out a process of selling and/or seeking partners to maximize the present value of its assets for the benefit of the company, its shareholders, and creditors.

The three involved parties are WOM Chile; the official committee of unsecured creditors—composed of Phoenix Tower International (PTI), American Tower, U.S. Bank, BCI, and M&G; and the ad hoc group of bondholders—mainly composed of BlackRock, Moneda, Amundi, Man GLG Partners, and Loomis Sayles.

Investment bank Rothschild & Co will initiate a process to solicit offers for one or more proposed transactions.