The casino operator is at a legal crossroads that could lead to its liquidation, unless a precautionary measure that limits its restructuring capacity is reversed.
Chile.- Enjoy faces an uncertain scenario due to the precautionary measure approved on December 18 by the Tribunal de Defensa de la Libre Competencia (TDLC). This measure, requested by the National Economic Prosecutor's Office (FNE), prevents it from selling or transferring control of three of its most important assets: Casino Rinconada S.A., Casino Gran Los Ángeles S.A., and Casino de Juegos del Pacífico S.A. (San Antonio). These restrictions remain in effect until a verdict is issued, severely affecting the judicial reorganization process the company is undergoing.
According to the local media Diario Financiero, the casino operator has indicated that this situation puts its economic future at risk. According to the company, the ongoing judicial measure complicates the fulfillment of its judicial reorganization agreement reached with its creditors, which could lead to the bankruptcy liquidation of Enjoy. They argue that any creditor could sue for non-compliance with the JRA, increasing the chances of the company being declared in liquidation.
Despite filing a motion for reconsideration with the TDLC to reverse the measure, the free competition body decided to accept it anyway, but "partially."
“It is decreed the prohibition of celebrating acts and contracts regarding the shares, rights, or any other prerogative that result in the loss of control of Enjoy S.A., by itself or through entities that are part of its business group or that it controls, of the companies Casino Rinconada S.A., Casino Gran Los Ángeles S.A., and Casino de Juegos del Pacífico S.A., which hold the operating permits for the casinos located in Rinconada de Los Andes, Los Ángeles, and San Antonio, respectively,” resolved the regulatory body, limiting the measure only to contracts that cause Enjoy to lose control of these three assets.
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Sources close to the case, cited by Diario Financiero, indicate that the measure is now firm and unmovable, unless new evidence is presented that can modify it. This further complicates the situation for Enjoy, as the restriction prevents the sale of its key assets, such as Casino Rinconada, to companies like WEG, AVLA, and BTG, a transaction that had already been approved by the FNE.
