Chilean Startup WOM Filing for Bankruptcy in the US
By
Gabriela Ramirez
1 min read
⚠️ Heads up: this article is from our "experimental era" — a beautiful mess of enthusiasm ✨, caffeine ☕, and user-submitted chaos 🤹. We kept it because it’s part of our journey 🛤️ (and hey, everyone has awkward teenage years 😅).
Chilean startup WOM, once seen as a potential competitor to the dominant telecom operators in Chile, is filing for Chapter 11 bankruptcy protection in the US. The company, which had about $1.8 billion in total liabilities at the end of last year, fell short on a plan to refinance $348 million in debt due in November. It has filed for bankruptcy to keep operating while working on a repayment plan. The company disclosed that JPMorgan Chase & Co. had agreed to provide $200 million in debtor-in-possession financing, aiming to support its operations during this process.