Enjoy Creditors Initiate Lawsuit Seeking Forced Liquidation of Coquimbo Casino Operator
Inmobiliaria Peñuelas SpA, linked to Enjoy’s international creditors, filed a lawsuit against Casino de la Bahía, controlled by national creditors, seeking the court-ordered forced liquidation based on alleged breaches. The dispute follows Enjoy’s 2024 restructuring which split the company’s assets between the two creditor groups, with US$117 million owed to international noteholders. The outcome could affect the future operation of the Coquimbo casino.
SCCG Take — Divided control in this restructuring has produced conflicting incentives that now threaten to delay creditor recoveries and disrupt Coquimbo operations. Regulators and operators should note how such splits can convert aligned restructurings into protracted legal conflicts.
A legal dispute has broken out between two groups of former creditors of Chilean casino operator Enjoy, with one side now seeking the forced liquidation of the entity running the Coquimbo casino.
Inmobiliaria Peñuelas SpA, tied to the international creditors, filed the lawsuit against Casino de la Bahía, the company controlled by national creditors operating under Casinos de Chile. The action centers on alleged breaches of a lease agreement for the Coquimbo real estate where the hotel and casino are located.
Asset Split After Enjoy Reorganizations
Enjoy completed two judicial reorganizations, one during the pandemic and another in 2024. The agreements divided assets so that international creditors gained ownership of real estate in Punta del Este, Uruguay, Coquimbo, Pucón and Castro. National creditors took control of casino operations in Coquimbo, Viña del Mar and Pucón. Enjoy itself kept only the San Antonio and Los Ángeles casinos in Chile, plus its brand.
The Punta del Este property sold for around US$160 million, reducing a US$300 million international bond issued in 2017. Coquimbo and Pucón real estate remain pledged to cover the outstanding US$117 million owed to international noteholders. A local bond of about CLP47 billion (US$47 million) is also part of the restructuring.
Lease Breaches and Liquidation Demand
Inmobiliaria Peñuelas and Casino de la Bahía signed a lease agreement in December 2024. After an initial delay, the parties agreed that Casino de la Bahía owed UF45,983, approximately US$1.9 million, to be repaid in installments. Of that sum, UF6,708, around US$270,000, for the final two installments remains unpaid, according to the lawsuit.
The settlement contained a clause that any further rent default would make the full balance immediately due. Inmobiliaria Peñuelas states that Casino de la Bahía stopped payments from May 2026, generating additional unpaid rent of UF56,500, approximately US$2 million through the July formal notice. The suit now demands court-ordered forced liquidation of Casino de la Bahía.
As reported by G3 Newswire, the case places the international creditors’ real estate interests directly against the national creditors’ operational control. National creditors include backing from Avla Seguros, WEG Capital and BTG Pactual. The outcome will shape both continued casino operations at Coquimbo and the groups’ ongoing recovery efforts.
Reporting: G3 Newswire
Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.
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