USD 25 M
Liability refinancing
Ongoing
Financial restructuring
When debt no longer fits the business.
We help companies under financial stress restructure their liabilities, put cash flow in order and restore profitability, negotiating with banks, bondholders and creditors so they can grow again.
In short
What is financial restructuring?
Financial restructuring is the renegotiation of a company's debt with its banks, bondholders and creditors when it can no longer meet the original terms, in order to stabilize cash flow and reach a sustainable capital structure. It can be done out of court, through waivers and maturity extensions, or through a court process: reorganization under Law 20,720 in Chile or Chapter 11 in the United States. Bespoke Advisors advises companies in these situations from Santiago, Chile. Its partners led three debt restructurings at Automotores Gildemeister, including a pre-arranged Chapter 11, and took part in the Chapter 11 of WOM Chile (2024).
Last updated
01 When to call us
Signs that it is time.
- Projected cash is not enough to cover the maturities of the coming months.
- Covenants have been breached or are at risk of being breached.
- Banks are restricting credit lines or asking for more collateral.
- Debt is concentrated in the short term or in a currency that does not match revenue.
- Profitability has fallen and the business plan no longer supports the current capital structure.
02 How we work
Personalized, integrated and hands-on.
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01
Diagnosis
Short-term cash flow forecast, a map of creditors and collateral, and the available alternatives. Before negotiating, you need to know how much the business can pay and when.
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02
Plan and proposal
A viable business plan and a sustainable capital structure, translated into a concrete proposal for each creditor group.
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03
Negotiation
We sit at the table with banks, bondholders, suppliers and shareholders, alongside management, to align interests and close agreements.
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04
Implementation
Documentation and closing in coordination with legal counsel. If the case requires it, court-supervised reorganization in Chile or Chapter 11 in the United States.
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05
After the agreement
Support to restore profitability and deliver the plan committed to creditors. See transformation and operational execution.
03 Experience
Experience that backs it up.
The partners have led complex restructurings from inside the companies, including three debt restructurings at Automotores Gildemeister—one of them a pre-arranged Chapter 11—and the Chapter 11 of WOM Chile (2024).
Bespoke Advisors transactions
Undisclosed
Liability refinancing
Ongoing
Previous experience of the partners
US$ 567 MM
Chapter 11 transaction
2021
US$ 700 MM
International bond exchange
2016
04 Frequently asked questions
What clients often ask us.
When should a company look for a restructuring advisor?
Before a default. The earlier you act, the more alternatives remain open: refinancing, extending maturities, selling assets or bringing in capital. Once the company has stopped paying, the negotiation is harder and more expensive.
What is the difference between restructuring and refinancing?
Restructuring means changing the terms with creditors because the company cannot meet the original ones. Refinancing means replacing debt with new debt on better terms, for a healthy company. If that is your case, see financing and refinancing.
What is a waiver?
A dispensation granted by creditors when a company breaches, or is about to breach, a covenant in a loan or bond. It prevents payments from being accelerated and buys time to fix the situation; it is usually negotiated in exchange for additional conditions or commitments.
What is Chapter 11 and when does it apply to a Chilean company?
It is the reorganization procedure under the U.S. Bankruptcy Code. Chilean companies with international debt, such as Gildemeister and WOM, have used it because it allows bonds issued under foreign law to be restructured while the company keeps operating. In Chile, the alternative is the reorganization procedure under Law 20,720.
Is the process confidential?
Yes. Information is handled under confidentiality agreements, and each creditor receives only what it needs, at the right time.
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Let's talk
Is your company at a turning point?
The first meeting is for listening.