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Stock impact report

Chile Telecom Operator WOM Files for Bankruptcy in the US [BNN Bloomberg (Canada)]

Telefonica SA (TEF) 
Last telefonica sa earnings: 2/23 04:01 pm Check Earnings Report
Company Research Source: BNN Bloomberg
The company filed for Chapter 11 bankruptcy protection in Delaware, according to documents dated Monday. The filing, which lists between $1 billion and $10 billion in liabilities and same in assets, allows WOM to keep operating while it works on a plan to repay creditors. The mobile network operator bet on cheap plans and a bold marketing campaign to defy Chile's incumbents, weathering intense competition across Latin America along the way. But it drained cash fast while expanding its user base. Its 2024 bonds had slid to below 30 cents on the dollar amid liquidity concerns and as the company and its bondholders hired advisers ahead of possible talks. WOM, which stands for “Word of Mouth,” was created after Novator Partners LLP acquired the assets of Nextel Chile in 2015 and re-branded the unit. Novator was founded by Icelandic businessman Thor Bjorgolfsson. The company has 21% of the market share for mobile lines in Chile, lagging only Telefonica SA's Movistar and Entel SA, Show less Read more
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