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The approval of the Disclosure Statement by the Court is a crucial and mandatory step before creditors can vote on WOM’s proposed reorganization plan.
Santiago, January 23, 2025, – WOM S.A. (“WOM Chile” and its subsidiaries, the “Company”) is pleased to announce that today, the United States Bankruptcy Court for the District of Delaware approved its Disclosure Statement. The Disclosure Statement is designed to provide parties in interest with adequate information to determine whether to vote in favor of the Debtors’ Plan of reorganization.
The Disclosure Statement is publicly available and contains information regarding WOM’s business operations and financial projections, a summary of the Plan, and details on how each class of creditors will be treated.
WOM Chile’s Chief Executive Officer, Martín Vaca Narvaja, said: “We are proud to achieve a new milestone in WOM’s restructuring process, which reflects the progress we have made as a company since the Chapter 11 process began in April 2024. I am pleased that we continue to meet the milestones announced when we signed the agreement with the Ad Hoc Group. I remain confident that we will successfully emerge from Chapter 11 as planned”.
Following approval of the Disclosure Statement, the Debtors will distribute the relevant documents to creditors of the Company that are entitled to vote on the Plan. The voting creditors will have until February 27, 2025 to return ballots indicating whether the accept the Plan. A hearing to confirm the Plan is scheduled for March 6, 2025.
