La Polar Gets More Time

Creditors have extended Chilean retailer Empresas La Polar’s deadline to raise CLP120bn ($249m) in equity to October 29, it says. The capital raise is part of an agreement to restructure $900m in debt accepted by creditors in November, which helped the company avert bankruptcy. In June of last year, La Polar disclosed it overcharged clients for past-due store credit card bills and was setting aside nearly $1bn in loan-loss provisions.