Corp Group, Chilean Bank Owner, Approved by Judge to Liquidate

Corp Group Banking SA, a Chilean financial holding company controlled by billionaire Alvaro Saieh, won permission from a U.S. court to turn over to lenders shares in Itaú Corpbanca under a bankruptcy liquidation plan.

• Santiago-based Corp Group owns at least 24% of Itau Corpbanca, which it pledged as collateral for more than $1.2 billion in loans, according to court records
• The company also owed unsecured noteholders about $544 million
  • Those notes were set to recover about 4% before a committee of unsecured creditors cut a deal not to sue Corp Group’s officers and directors
  • Under the agreement, unsecured ...