Chilean Startup WOM Filing for Bankruptcy in the US

Chilean startup WOM, once seen as a potential competitor to the dominant telecom operators in Chile, is filing for Chapter 11 bankruptcy protection in the US. The company, which had about $1.8 billion in total liabilities at the end of last year, fell short on a plan to refinance $348 million in debt due in November. It has filed for bankruptcy to keep operating while working on a repayment plan. The company disclosed that JPMorgan Chase & Co. had agreed to provide $200 million in debtor-in-possession financing, aiming to support its operations during this process.