Chile’s Tamm Services completes restructuring process

Publicado em 14/06/2023

Tamm Services SpA, a Chilean company that processes and sells cherries in the domestic and international markets, and which is part of the holding company that includes Viña Tamm, has successfully approved its restructuring plan, which includes more than $20 million in loans.

Tamm Services began its restructuring process in 2023 after seeing an abrupt increase in production costs and logistical complications in exports in recent years, among other reasons.

After several attempts, it was concluded that the best path for both the company and its creditors was a restructuring under Chile’s law 20.720 that allows for the reorganization and liquidation of companies and individuals’ wealth.

Representatives of various creditors participated in the negotiation of the agreement.

The main creditors were Banco Santander Chile and Scotiabank Chile, with whom it was agreed to refinance the debt and the orderly sale of a number of assets.

Tamm Services' restructured debt is the third largest in the first quarter of 2023, with liabilities of $20.2 million, according to the most recent Chile Insolvency Report.

Tamm Services was advisedon its restructuring by Chilean law firm Russi & Eguiguren │Quadrant throughout the process, with a team led by Matías Murúa, Phillipe Soumastre and Eduardo Guerra, from the firm’s restructuring, liquidation and litigation area, and who led the negotiation process with the banks, achieving a successful closing of the agreement.

The firm’s lawyers also included Alberto Eguiguren and José Miguel Sanhueza of its corporate practice.