The deadline has expired. This Tuesday, May 10, the deadline set for the Merchandise directives, the chain’s parent company, to Fair & Goodpay their creditors the more than 135,000 million pesos that they owe their employees, banks, landlords, suppliers and the Dian, among others.
(Fair & Good, once morest the clock to demonstrate viability).
If this obligation is not fulfilled, it is very likely that the Superintendency of Companies will order the liquidation of the company in the next few hours. The decision might even be adopted on Thursday, when the public hearing, convened to find solutions to the crisis that this chain of stores in the country is going through, resumes at 9 am.
Fair & Good promised to pay the debts, backed by the Chinese investor JF Capital International Limited.
However, for now, it is not very clear what the process will be like, which raises questions regarding payment.
(They set a date for Justo & Bueno to catch up on its debts).
This was warned by Santiago Londoño Correa, Delegate Superintendent of Insolvency Proceedings, who following listening to Justo & Bueno representatives regarding the alleged progress of the sale of the firm to the Chinese fund JF Capital, made it clear that the documents provided on that negotiation “they do not provide accurate and certain information that provides a convincing opinion on the capitalization plans, and that, adding to the socio-economic impact of the insolvency, makes the purpose of the reorganization process debatable.”
(This is the fund that will save Justo & Bueno).
Fair & Good It owes its employees regarding 42,000 million pesos, in leases the pending obligations add up to regarding 35,000 millionin renting contracts they are regarding 19,700 million, unpaid tax obligations add up to regarding 17,100 million pesos, while in other expenses the arrears exceed 20,600 million.
BRIEFCASE
With information from THE TIME
