Just five days after a key decision, the historic chain MultiBs Corona Face his most critical moment. The company, which uses 1,800 workers And it maintains 50 operational stores between Arica and Punta Arenas, it must define its future on May 12, when the Board of Creditors must vote the proposal for judicial reorganization presented by its current owners, the brothers Paula, Malú and Herman Schupper. The proposal seeks to avoid the liquidation of the company and was prepared within the framework of the bankruptcy procedure initiated before the 1st Civil Court of Santiago.
This is the third formal attempt of the family to restructure the debt that, according to the document presented by the company, amounts to $ 66,963 million. The proposal contemplates a new payment calendar and a capital injection aimed at ensuring the operational continuity of the business, founded in 1955 by the Dutch immigrant Leonard Schupper, a decade after the end of World War II.
According to the proposal presented to the Court, MultiBs Corona offers to pay 100% of its debt within a total period of eight years. The guaranteed creditors are proposed an exceptional amortization equivalent to 25% of their capital, payable in two parts: an immediate – with charge to funds retained in current account – and another on December 29, 2025. After a period of grace of 24 months, the remaining 75% would be paid by six annual installments, until December 2032. during the entire period, the credits will accrue a nominal annual interest of the 7.85%, payable every December 30.
For valid creditors, the proposal includes different payment schemes, depending on the type and amount of credit. The “main proposal” establishes a 50% payment payment in 30 monthly installments, as of January 2027, after a period of grace of 18 months. The remaining balance will be understood as a condated one once that commitment is fulfilled. More favorable conditions are established for strategic suppliers, both national and foreign, provided they maintain the supply to the company in market conditions.
The veedora of the reorganization of Corona, Daniela Camus, explained to Pulse that: “The presentation before the Court, made yesterday, of a modification to the original proposal agreed by all the crown shareholders, is a specific sign that they have left behind their differences and worked together to give viability to a traditional Chilean and large -scale company. Now it corresponds to the analysis of the creditors and the vote Deliberative ”.
Amount
The reorganization proposal considers the financing of a rotating credit line by up to $ 24,000 millionwhich seeks to ensure working capital during the validity of the plan. Half of this line will be provided by Corona’s own shareholders – the Schupper brothers – through a loan called “shareholding”.
-It is not a capital increase, but a formal loan with specific conditions: it will have an interest rate equivalent to that of loans with mortgage guarantee, and interest payments and amortization will be subject to cash availability in the company. While this financing will be the first to be disbursed, your refund will be subordinated to the repayment of the other half of the line, called “bank financing”, which will provide guaranteed banks or creditors. Unlike other subordinated credits linked to related companies, this shareholders loan will not be subordinated to the payment of the rest of the creditors of the agreement.
The brothers’ commitment includes obtaining mortgage guarantees on real estate of related societies to support the delivery of funds, which also conditions the effective opening of the financing.
The new reorganization proposal was worked by lawyer Nelson accountant, specialized in bankruptcy processes. But within the family, the process has been marked by deep differences around the strategy to face the crisis. Paula and Malú Schupper have been advised by lawyer Ricardo Reveco, while Herman Schupper has had the support of lawyers Mario Mora and Alfredo Ergas, in addition to the investment firm Asset Chile. These differences have not only delayed the presentation of a definitive proposal, but have also generated tensions about the future of the business and the conditions to sustain it.
Control
The document presented to the Court also establishes a series of control and supervision measures. The designation of a bankruptcy audit for two years is contemplated, with broad powers to control compliance with the agreement. A commission of creditors composed of five members will also be established, responsible for supervising the use of the funds, approve relevant payments and ensure compliance with the conditions established in the proposal.
Regarding governance, a reformulation of the Corona Board is projected. The new body will be made up of five members: three direct representatives of the shareholders and two autonomous directors, whose designation must have the approval of the Creditors Commission. In addition, it is stipulated that all directors must be independent professionals, with relevant experience in the retail, financial or corporate sector.
The proposal also includes the subordination of related credits – that is, those from companies linked to the family – to the payment of debts with external creditors, as well as new conditions for lease contracts with related real estate companies.
