La Polar Lowers Capital Raise

Chile’s La Polar reduced the amount of capital it will look to raise in the wake of a scandal over unauthorized lending practices that saw another 11 executives sacked this week. La Polar will now seek to raise CLP100bn ($212m), about half the $400m it was expected to authorize. It also intends to ask bondholders to waive bond payment acceleration and default covenants in a meeting June 29. La Polar and financial adviser LarrainVial are also working on a proposal to extend maturities of bank loans.