A series of bankruptcies among Chilean construction companies threatens to stymie government plans to mitigate an economic downturn with increased spending on public works.
Claro, Vicuña, Valenzuela SA, or CVV, announced it was filing for local bankruptcy protection on Oct. 21, ceasing work on 30 projects and firing about 2,500 workers. The company said its debt had reached 58 billion pesos ($60 million), blaming, in part, late payments by the government.
The builder is the latest of a dozen in Chile to file for liquidation or begin talks to restructure their debt since 2019, according to the newspaper Diario Financiero. ...
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