The court based in the state of New York validated the agreement.
United States.- Enjoy reported through an essential fact that on October 31, 2024, the Southern District of New York Bankruptcy Court recognized the judicial reorganization agreement of the company approved in Chile by the deliberative creditors' meeting on August 7.
In a statement addressed to the Financial Market Commission, signed by the general manager of Enjoy, Esteban Rigo-Righi, the company indicated that the court validated the agreement within the framework of the procedure called "Chapter 15, Case No. 24-10433 (MG)," which they had initiated due to the judicial reorganization.
Following this, they pointed out that "the resolution issued by the Court declares, among other things, that the Agreement, including the transactions contemplated therein and its annexes, are recognized and granted full force and effect within the jurisdiction of the United States of America."
Furthermore, the court reported that it will maintain its jurisdiction regarding the procedures and actions previously taken within the processing of "Chapter 15," and future executions, modifications, or implementations necessary to materialize the effects of the Court's resolution.
“We make it known that, according to the Agreement, the recognition of the company's reorganization procedure and the Agreement within 'Chapter 15' is one of the Repackaging Conditions indicated in chapter VIII of the Agreement,” they detailed.
On the other hand, Enjoy announced that on November 4, an extraordinary creditors' commission was held, in which it was agreed to extend the deadline for meeting the Repackaging Conditions, from 90 days to 105 consecutive days counted from August 7, 2024, thus extending the maximum deadline for compliance until November 20, 2024.
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In August, Enjoy approved a judicial reorganization plan to continue its operations, and later reached an agreement with contingent creditors that sets the terms for working capital financing of the company, reviewed by the administration.
Along with this, it was recalled that the implementation of the agreement considers its structuring into three new companies: NewCo 1, where the facilities of Punta del Este, Uruguay, and two real estate assets in Chile will be located; NewCo2, which will manage the assets corresponding to casinos and hotels in Rinconada, Antofagasta, Chiloé, Viña del Mar, Coquimbo, Pucón, and the hotel in Puerto Varas; Enjoy S.A., mainly composed of the operations in San Antonio and Los Angeles, with the remaining assets.
After the creditors' meeting approved the judicial reorganization agreement, the intervenor of Enjoy, the jurist Juan Ignacio Jamarne, stated that, for its second phase, there is a "mandate" from the creditors for the sale of the shares that include the assets of Enjoy Punta del Este.
