Enjoy completes restructuring process and introduces new board members

Image source: Shutterstock

Chilean casino operator Enjoy hosted its latest shareholders’ meeting last week, in which new authorities were elected after the resignation of Javier Martínez, former President and member of the family that created the company.

Having completed the judicial reorganization and restructuring process that started nearly a year ago, the company is now beginning a new era. In order to get to this stage, Enjoy had to reduce its debt levels by converting 70% of that sum in shares, as explained by Diario Financiero.

The new directors will be Nicholas Davis, Henry Comber, Jorge Lesser, Jaime Maluk and Aldo Lema, who will join Pier Paolo Zaccarelli, Ignacio Pérez, Fernando Rioseco and Ana María Orellana in the Board.

“Enjoy successfully closes one of the last stages of the reorganization process that started just a year ago. In August 2020, Enjoy reached an agreement [but] it has undoubtedly been one of the most complex [situations] that a company has faced in Chile,” said the company.

“[This] happened in the middle of a pandemic, with shut down operations, multiple negotiation fronts and with the need to standardize the process in the United States,” it added.

Additionally, Rodrigo Larraín, GM of Enjoy, commented that “the company remains in a strong position to continue making decisive progress in the strategic transformation plan, which we started in mid-2019, to sustain a future profitable growth and continue leading the industry in the region”.

The first phase of the operator’s reorganization process, which ended on April 16, resulted in the company raising $40m in convertible bonds and warrants.

“[It] allows us to focus on our clients, the communities in which we operate in, the business and the development of plans that we have underlined over time to continue leading the gaming industry in the region under a new profitable and sustainable business model,” said Enjoy.