WOM S.A. is a Chilean telecommunications provider and Chile's second-largest mobile network operator, serving approximately 8.5 million subscribers through mobile voice, data, broadband, and fiber-to-the-home services. Formerly Nextel Chile, the company was acquired by Novator Partners in 2015 and rebranded as WOM. The company filed for Chapter 11 protection along with five affiliates on April 1, 2024 in the District of Delaware (Case No. 24-10597) after credit downgrades triggered margin calls exceeding $35 million, the IDB receivables facility closure drained approximately $35 million in liquidity, and 5G rollout delays prevented expected tower sale-leaseback proceeds costing an estimated $25-45 million. At filing, WOM carried approximately $679 million in funded debt, with ~95% unsecured, including $356 million in 6.875% senior notes due 2024 and $293 million in 4.7% notes due 2028. The Debtors obtained $210 million in DIP financing at 10% per annum with JPMorgan Chase Bank as administrative agent. The Third Amended Plan of Reorganization was confirmed on March 7, 2025, establishing a Plan Trust funded with $3 million for general unsecured and unsecured notes claims, with a rights offering providing for $95 million in new secured notes and new equity. A final decree closed five of six cases on June 12, 2025, with Multikom S.A. remaining open for administration.
