Troubled Chilean operator WOM has emerged from Chapter 11 bankruptcy, with CEO Chris Bannister pledging to steer the company forward.
In a LinkedIn post, Bannister announced that WOM exited bankruptcy on 22 March after a year of negotiations. The company has now been acquired by its creditors, including BlackRock, Moneda Asset Management, and Amundi SA. As part of the acquisition, Bannister has returned as CEO for the third time, while former Millicom chairman Mauricio Ramos has joined as chairman.
Bannister and Ramos previously competed in the market when Bannister left WOM Chile in 2018 to establish WOM’s operations in Colombia.
Reflecting on the company’s journey, Bannister stated: “The battle has been bruising and sometimes painful, but today WOM can move forward with a low level of debt, a healthy balance sheet, and control over its own destiny.”
He added that WOM retains a 25% market share and claims to operate both the largest 5G network and the most extensive retail footprint in Chile. The operator now has 8 million subscribers, making it the country’s second-largest by customer base.
In an interview with Bloomberg, Ramos clarified that he and Bannister have not been given a mandate to prepare the company for a quick sale.
Bannister previously returned as WOM Chile’s CEO in October 2023 but departed after just seven months when shareholders chose not to extend his contract. His departure followed strategic disagreements, as WOM grappled with debt and underwent major restructuring efforts.
