Enjoy, a Chilean casino operator, held its most recent shareholders meeting last week, at which new leadership was elected following the resignation of Javier Martnez, the company’s former president and a member of the family that founded it.
The company is now entering a new era after completing the judicial reorganisation and transformation phase that began nearly a year ago. According to Diario Financiero, in order to get to this stage, Enjoy had to reduce its debt levels by converting 70 percent of the amount into shares.
Nicholas Davis, Henry Comber, Jorge Lesser, Jaime Maluk, and Aldo Lema will join Pier Paolo Zaccarelli, Ignacio Pérez, Fernando Rioseco, and Ana Mara Orellana on the Board of Directors as new directors.
“Enjoy successfully closes one of the last stages of the reorganisation 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.
Strategic transformation plan
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 operator raised $40 million in convertible bonds and warrants in the first phase of its reorganisation, which ended on April 16.
“[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.