Pacific Andes’ decision to file for Chapter 11 bankruptcy protection in the United States due to “hostile and aggressive action” by creditors is mainly the fault of the Bank of America, to which it owes $60 million (€54 million) according to court documents.
The company refers to the challenges faced in “resuscitating” the Peruvian Business and said recent correspondence from “certain creditors” suggested the possibility that hostile and aggressive action could be taken against the company.
While there has been a process for the sale of the Peruvian Business that has been ongoing over the last five months, “certain minority creditors such as Bank of America,” have continued to threaten taking enforcement actions against the company, said the documents.
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