Camanchaca restructures bank debt
Chilean foodservice and retail seafood company Camanchaca has completed a negotiation for restructuring its debt, signing an agreement with seven financial institutions for a total of USD 234 million (EUR 178.7 million).
The agreement is part of a plan to reduce the company’s debt by 40 percent over the next 4-6 years, according to CEO Ricardo García.
“It was a long and rigorous process, with deep analyses over our business and its financial leverage capabilities, pointing to a good balance between equity and debt, and that favorably dissipates natural questions that existed in the market,” he said.
The company is working with the banks BCI, Banco de Chile, Banco Estado, Banco Santander, Rabobank, Security and BBVA, and claims to have restructured the entirety of its debt, and García said he is anxious for the company to move on.
“With the debt issue solved, we now start a stage fully oriented to excellency and maximum operational efficiency, both productive and commercial, assigning all energy, creativity and resources to these purposes,” he said.