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Vapores Rallies as Executive Says Shipper Won’t Go Bankrupt

Cia. Sudamericana de Vapores SA rose, rebounding from a record weekly decline, after an executive was quoted as saying the company isn’t going bankrupt.

Vapores, the Chilean container shipping company, climbed 7 percent to 270.42 pesos after last week’s 22 percent slump. The stock is down 25 percent since Que Pasa magazine reported March 11 that Vapores only had cash to cover operations until April.

“It was a rebound after the sharp fall of recent days,” said German Guerrero, director of MBI Corredores de Bolsa SA. “Also, news during the weekend show that maybe the market overreacted in recent days.”

Vapores faces a first-quarter loss of about $100 million on higher fuel costs and lower rates, Deputy Chairman Arturo Claro said in an interview with El Mercurio. Cash-flow problems could occur if the situation continues for six months, the Santiago-based newspaper quoted him as saying.

Controllers will subscribe to their part of a planned $500 million sale of new shares, Claro told El Mercurio. The company won’t declare bankruptcy, he was quoted as saying.

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