CHILE · COMPANY NEWS
Key Facts
- The country Chile is a copper-rich South American economy of about 20 million people, and a large importer of consumer goods such as bicycles.
- What happened BCI and Scotiabank’s Chilean arm asked courts to liquidate bicycle importer MKR, in filings dated 2 August and 2 October 2026.
- The debt MKR owed about 9.17 billion pesos (about US$9.34 million) when its rescue began; BCI claims 1.4 billion pesos (about US$1.43 million).
- The breach MKR has not met its rescue-plan payments since 10 January 2026, when interest for June to December 2025 went unpaid.
- What it means for you Scotiabank is a Canadian lender, and its Chilean arm is MKR’s largest bank creditor at about US$2.54 million.
- Power Index Chile ranks 3rd of 14 in The Rio Times Latin America Power Index, with 63.6 points (October 2026 edition).
Two banks have asked Chilean courts to start an MKR bankruptcy, La Tercera, a Santiago daily, reported on Wednesday 21 October 2026. MKR is the country’s second-largest bicycle importer, and it has stopped paying creditors under a court-approved rescue plan.
For US readers the case is a test of how a Canadian-owned lender, Scotiabank, and Chile’s BCI recover money from a failed consumer-goods importer. It also shows the pandemic bicycle boom and bust is still working through sellers’ books, as our Chile guide explains for newcomers.
What the Banks Want in the MKR Bankruptcy Case
La Tercera reported that BCI, one of Chile’s largest private banks, went to the 30th Civil Court of Santiago on 2 August 2026. It asked the judge to order the forced liquidation of MKR, saying the company owes it 1.4 billion Chilean pesos (about US$1.43 million).
Scotiabank Chile, a bank with Canadian capital, filed its own suit on 2 October 2026. It asks the court to declare the rescue agreement broken and to name Ximena Vera as liquidator, an official who sells assets to repay creditors.
How the MKR Rescue Plan Failed
MKR asked for a court-supervised reorganisation in January 2024, and local press reported that it reached a deal with its creditors in mid-2024. The plan gave the company a grace period on loan principal and relied on the sale of a property in central Santiago.
That plan broke down at the start of 2026, and the MKR bankruptcy petitions followed. Scotiabank says the interventor certified that payments have been missed since 10 January 2026, when interest for June to December 2025 went unpaid.
Who Is Owed What by MKR
At the rescue’s start, MKR reported debts of 9.17 billion Chilean pesos (about US$9.34 million, at 981 pesos per US dollar on 21 October 2026). Of that, 7.50 billion pesos (about US$7.65 million) was bank debt and 1.66 billion pesos (about US$1.69 million) was owed to suppliers.
Scotiabank was the largest bank creditor at 2.49 billion pesos (about US$2.54 million), ahead of BCI at 1.42 billion (about US$1.45 million). Itau, Banco de Chile, BancoEstado and Santander Chile were each owed 635 million to 1.15 billion pesos (about US$0.65 million to US$1.17 million).
A Family Firm Founded in 1950
MKR was founded in 1950 by Mauricio Kishinevsky, and his grandsons Daniel and Marcos Kishinevsky now run it. In January 2024 Diario Financiero reported that it supplied about 1,500 points of sale across Chile, including its own Extreme Zone stores.
The company blamed its troubles on the pandemic, when bicycle demand surged and factory delays stretched to as long as two years. Suppliers then demanded part payment in advance, and MKR was left with stock up to four times normal once demand fell.
What Happens in a Chilean Liquidation
Under Chile’s insolvency law, a court that finds a rescue agreement broken can order a bankruptcy and wind the company up. In an MKR bankruptcy, a liquidator would sell the assets and pay creditors in a legal order of priority.
BCI told Pulso, La Tercera’s business section, that it remains open to reviewing new payment proposals with all creditors. The owners have also hired restructuring adviser Ernesto Solis and lawyer Myriam Barahona to look for a way to avoid liquidation.
What It Means for US Readers
Scotiabank’s Chilean claim of about US$2.54 million at the start of the rescue is a small item for a bank of its size. Whether it recovers any of it depends on how the court rules and on what MKR’s assets fetch.
The case signals stress among Latin American importers that bought heavily during the pandemic and were left with too much stock. US bicycle shops and distributors lived through the same boom and bust, so an MKR bankruptcy would be a warning about stock and credit risk.
What Is Not Known
No court has yet ruled on either MKR bankruptcy petition, and it is unclear when a hearing will be held. The current debt is also unclear, as Meganoticias put it at 7.45 billion pesos (about US$7.59 million) in May 2026.
BCI told the court that MKR had said an investor was coming, and that nothing came of it. It is not known whether an investor exists, whether the banks would accept a new plan, or how many jobs would be hit.
More: Chile news in English, every day from The Rio Times.
Frequently Asked Questions
What is MKR in Chile?
MKR is a family-run importer and seller of bicycles founded in 1950, and La Tercera calls it Chile’s second-largest bicycle importer. It is run by Daniel and Marcos Kishinevsky, grandsons of the founder.
Why do BCI and Scotiabank want an MKR bankruptcy?
Both banks say the firm stopped paying under the court-approved rescue plan. Scotiabank says the agreement has been broken since 10 January 2026.
How much does MKR owe?
At the start of the rescue MKR owed 9.17 billion Chilean pesos (about US$9.34 million) to banks and suppliers. BCI alone claims 1.4 billion pesos (about US$1.43 million) in its court petition.
Has a court declared an MKR bankruptcy?
No, La Tercera reported only that the petitions were filed, and it did not report any ruling. If a judge accepts them, the court would declare the rescue agreement broken and order an MKR bankruptcy.
Is a Canadian-owned bank involved?
Yes, Scotiabank Chile, a bank with Canadian capital, is MKR’s largest bank creditor at 2.49 billion pesos (about US$2.54 million). It filed its own suit on 2 October 2026.
Sources: La Tercera (Pulso), BCI and Scotiabank ask for bankruptcy of bicycle importer, 21 October 2026; Meganoticias, MKR bicycle importer seeks to avoid bankruptcy, 6 May 2026; Meganoticias, MKR avoids bankruptcy with judicial reorganisation, 17 June 2024; Diario Financiero, MKR asks for reorganisation to avoid bankruptcy, 31 January 2024.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error