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, Estaban 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 period for its fulfillment until November 20, 2024.
See also: Casinos accused of collusion in Chile: Enjoy and Dreams defend themselves
In August, Enjoy approved a judicial reorganization plan to continue its operations, and later reached an agreement with the contingent creditors that sets the terms of working capital financing of the company, reviewed 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.
Also, it does not include advertising of this type of companies.
Spain.- The Government of Navarra announced the opening of a line of aid to support the registration of sports entities, sports management companies, and local entities in the Advanced Sports Management Training programs of Navarra (GARDENA).
In this call, the explicit exclusion of those entities that receive financing or sponsorship from companies dedicated to betting, including operators of betting machines, is highlighted.
"That the entity is not financed and/or sponsored totally or partially by companies dedicated to betting (including betting machine operators). Also, it does not include advertising of this type of companies, both in facilities and in the clothing and material used in the development of the activities," is stated in the bulletin.
See also: Responsible gaming in Navarra: the Spanish government and the local government sign an agreement to share records of self-excluded players
It is also highlighted: "The sports sector requires correct and modern management, with the intention of offering a quality and sustainable service both economically and in other aspects. For this, the INDAF, in collaboration with the EUSKALIT Foundations and the Navarra Foundation for Excellence, has worked on the design of an Advanced Management Training focused on the entities of the sports sector that was already launched in previous editions."
The current call for 2024 aims to implement a way to partially subsidize the expenses that arise from the registration of the mentioned entities in the said Advanced Management Training that will take place between October 2024 and June 2025.
