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Santiago, March 6, 2025 – WOM S.A. (“WOM Chile” and, together with its debtor affiliates, the “Company”) is pleased to announce that today the U.S. Bankruptcy Court for the District of Delaware confirmed its Plan of Reorganization (the “Plan”). This marks the most significant milestone in the Chapter 11 process, confirming creditor confidence in the Company and allowing WOM Chile to exit Chapter 11 in the coming weeks.
Prior to this milestone, on December 20, 2024, the Court authorized the Company to enter into restructuring support agreements with the Ad Hoc Group. Then, on January 23, 2025, it approved the “Disclosure Statement”, filed in connection with the Plan. Subsequently, the voting process took place, in which creditors voted on the proposed Plan, securing the required majorities for its approval.
In addition to this, on March 5, 2025, the National Economic Prosecutor’s Office approved the acquisition of control over WOM Mobile S.A. by Amundi, BlackRock, Man GLG, and Moneda.
Martín Vaca Narvaja, CEO of WOM Chile, said, “Since WOM filed for Chapter 11 in April 2024, we have moved forward quickly and steadily in the process, while ensuring the Company’s operational continuity. These two milestones reaffirm the support of our creditors, demonstrates the strength of the Plan we presented, and highlights the ongoing backing from the Ad Hoc Group. I am deeply grateful for the incredible work and commitment of the team. IIn less than a year, we have successfully navigated our restructuring process while improving our commercial performance and delivering solid financial results. With the Plan now confirmed, our efforts are fully focused on achieving our exit from Chapter 11 in the coming weeks”.
As stipulated in the Plan and the restructuring transactions contemplated therein, WOM Chile will benefit from a strong balance sheet following a $500 million rights offering backed by the Ad Hoc Group and a reduction of over $650 million in financial debt.
