Suramericana SA will ask some of its bondholders to approve an internal restructuring that will see the Colombian insurer absorb two of its units and partially spin off another.
According to a filing dated May 31, Suramericana plans to absorb Inversura Panamá Internacional SA and Inversiones Sura Brasil SAS, the latter of which is being wound up. It also plans to launch a "partial spinoff" of Panama-based subsidiary Seguros Suramericana by having the unit transfer part of its equity ownership in El Salvador-based Aseguradora Suiza Salvadoreña SA Asesuisa to both Suramericana and Inversura Panamá.
The company has set a meeting for June 15 to ask the holders of its 2016 bonds to approve the measures.
Suramericana is majority owned by Grupo de Inversiones Suramericana SA.
