LATAM Airlines Group said that it had sought to extend the deadline to present its restructuring plan as part of the bankruptcy protection process initiated in 2020 until September. LATAM filed for bankruptcy protection in the United States in May of last year, hammered by the world travel crisis generated by COVID-19. A judge had previously ordered the company deliver its restructuring plan by the end of June, and the company has said it hopes to wrap up the process in 2021.
Santander Chile goes back to international markets and successfully issues CHF 150 million ($167 million) Senior Notes due in 2027, with a spread of 62 basis points above the Mid-Swap, which is equivalent to a coupon of 0.33%. The transaction was carried out with the advisory of Credit Suisse AG and Commerzbank AG. This signifies a return of the Bank to the international public debt market since January 2020 and is the first operation of Santander Chile in Switzerland since August 2019.
Shopee, the e-commerce arm of Southeast Asia's Sea Ltd, will launch in Colombia and Chile. The company plans to offer online sales via its website and localised apps. Social media pages for Shopee Colombia and Shopee Chile said the company would offer free shipping in the countries.
The World Bank raised its growth projections for Chile to 6.1% in its "World Economic Outlook" report for June 2021. The reason for the increase is that vaccines continue to be delivered at a robust pace and private consumption is boosted by the pension withdrawals allowed during the pandemic.
EIG Global Energy Partners inaugurated Latin America's first thermal solar plant, a project in Chile's Atacama desert that the country hopes will smooth its path to a low-carbon future. The Cerro Dominador, a $1.4 billion project, will use technology allowing storage of the sun's heat to generate electricity for hours, including at night.
Chilean Metals Inc. (CMX) announced that it has agreed to acquire 100% of the Golden Ivan property from Granby Gold Inc. via a payment of 6,500,000 shares of CMX. The Golden Ivan property consists of 13 mineral claims, all in good standing, for a total area of approximately 797 hectares.
Workers at BHP Group's Spence copper mine in Chile will extend negotiations with the company for a few more days to try to reach agreement on a new contract and avoid a strike at the operation. The union representing 1,100 workers at the mine in Chile's northern Atacama Desert said it hoped to reach an agreement by the end of Thursday.
President Piñera approved a law to give families the economic aid to alleviate the impact of the pandemic until September. This will reach 100% of those registered in the Social Registry of Households (RSH) and will benefit 15.1 million people. A one-person household will be paid $177,000, a 3-person household will receive $400,000 and a 4-person household will get $500,000. This is from June to August. In September, beneficiaries will receive 50% of the amount.
With more than 41% of its waters already covered by marine protected areas (MPAs), Chile has proposed creating a high seas MPA on the Salas and Gomez and Nazca ridges. The idea was introduced by President Sebastián Piñera at the virtual climate summit held by US President Joe Biden in April. Piñera said “it’s not enough” to protect only national waters, especially considering the global call to protect 30 percent of the ocean by 2030.
Statkraft announced that its substation and transmission line project to connect three wind farms in Chile received approval from the O’Higgins region’s environmental agency. Statkraft Chile said it would start construction of three wind power projects totalling 102 MW in the second half of 2021. The company acquired the wind portfolio from Spain’s Torsa Renovables SL. The portfolio consists of the 30-MW Cardonal, the 24.15-MW Manantiales and the 48.3-MW Cerrillos schemes, and is referred to as the Torsa project.