The Chilean Tribunal for the Defense of Free Competition (TDLC) authorized Enjoy to sell the casino located in Rinconada de los Andes, known as Enjoy Santiago, so that the operating company can complete its second judicial reorganization process.
According to Diario Financiero, the court resolved to allow Enjoy to execute the sale of the Casino Rinconada unit to Holding Casino Rinconada, made up of the companies Avla Seguros, WEG Capital and BTG Pactual, within the framework of its Judicial Reorganization Agreement (ARJ).
This decision comes after, in mid-January, the TDLC decreed a precautionary measure that prevents Enjoy from selling its assets of Casino Rinconada S.A., Casino Gran Los Ángeles S.A. and Casino de Juegos del Pacífico S.A., due to a case of alleged collusion, in which the companies Dreams and Marina del Sol are also involved.
In its resolution, the TDLC established that, in order for Enjoy to “celebrate all those acts, contracts and agreements regarding the shares, rights and prerogatives that they have over the Casino Rinconada”, it must comply with ten conditions.
Among them, the supervisory body decreed that the acquirers must assume as “their own, respect and strictly and fully comply with the eventual measure of early termination of the operating permit of Enjoy assigned to Casino Rinconada that could be imposed by the Court”.
Enjoy Santiago, located in Rinconada de los Andes
In addition, Avla Seguros and WEG Capital are obliged not to transfer the ownership and/or control of Casino Rinconada without the prior authorization of the Court or the Superintendency of Casinos and Gaming (SCJ), and they must inform the National Economic Prosecutor’s Office (FNE) 30 business days in advance of any operation of this type.
On the other hand, if the authorization of the casino in Rinconada is revoked, Enjoy and the new owners “must help execute the measure without opposing it.” They added that all these commitments must be stated in a public deed and registered in the statutes of Casino Rinconada, in addition to being part of the purchase agreements entered into by Enjoy.
In addition to this, the TDLC forced Enjoy and the new owners to waive in advance any legal action that attempts to challenge the possible revocation of the operating permit.
Finally, the court determined that, once all the conditions are met, the precautionary measure will be modified, replacing the total prohibition of selling shares of Casino Rinconada with “the prohibition of celebrating acts and contracts regarding the shares, rights or any other prerogative that result in the loss of control of Enjoy S.A., Avla Seguros S.A. or WEG Capital S.A.“.
