Claudia Álvarez, a lawyer for one of the providers of fair and good and expert on insolvency issues, spoke on W Radio and revealed the third option that is proposed to save the company.
The proposal that has been put forward among several creditors (employees, landlords and suppliers), is that come together “for the purpose of capitalizing the company, modifying the current administrative structure of the company and the capital structure as well. Capitalize the company to lower the liability of Merchandise and allow the entry of investment funds and investors other than those that the administration has presented,” he said.
“I am convinced that the liquidation does not help anyone and is a total lose-lose, because more than 5,000 workers would be left without a job”, he added.
The difference between this proposal and one that existed before is that now they are not asking anyone to give anything to Mercaderías, but rather that the creditors capitalize.
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“This means that the money they have pending collection from Merchandise becomes investment in shares with a repurchase act following three or four years with a ‘plus’ that will end up signifying a good income,” he assured and said that this was done Acerías Paz del Río.
Álvarez pointed out that regarding the liability that is being reorganized, he has in his mail “the letters of intent to capitalize the debt by creditors that represent close to $400,000 million.” Let us remember that this liability that the company has is 1.7 billion pesos.
As for administration expenses, from January 18, 2022, (date on which Justo y Bueno entered into reorganization), which amount to 135,000 million pesos, it is a “money that would be obtained through an investor and if it exists in the person willing to raise those funds.”
The lawyer added that Reve Group (business group from Panama)whose founding partner is Michel Olmi, has created several companies in Panama, which in turn has companies in Colombia.
Reve Group incorporated a company called HD Colombia and this is the owner of Merchandise. It was with this firm that the Chinese fund traded.
“We have a sale of indirect property and from there backwards from the company HD, owner of Merchandise. then heWhat I am aware of is that HD Colombia continues to be the owner of Merchandise and the transaction would have been made with them directly.”, assured the legal representative of Merchandise, Germán Darío Restrepo Molina, at the hearing.
However, the question is how to ensure that all the money that comes into HD Colombia It will be aimed at meeting the obligations to creditors.
