Justo & Bueno tendría una nueva oportunidad de seguir adelante y salvarse

Although the delegate of the Superintendence of Companies Santiago Londoño ordered this Thursday the judicial liquidation of Mercadería SAS Justo & Bueno, while leaving as the only reorganization mechanism the one contemplated in article 6 of Law 560 of 2020. This leaves open the possibility of that in the next 30 days new offers are presented to save the company, an unprecedented event within this type of process in Colombia.

In this way, a new opportunity is given to rescue the company, as well as to save jobs, micro, small and medium-sized companies that are part of the chain.

Michel Olmi, founder of the company, once again lamented the company’s situation, and mentioned that “the judge’s decision is a light of hope for Justo & Bueno to continue contributing to so many families and to the country.”

Faced with the situation generated by the announcement of the new owners, he stated: “It hurts us that JF Capital International has not been able to meet the May 10 deadline for the injection of capital aimed at paying debts and strengthening the operation. This deal was closed at the end of March and we always have full confidence in the good faith of the buyer and that he would manage to fulfill the commitments”.

We know that they made many efforts until the last moment to nationalize the resources and they did not succeed. We strongly reject derogatory and discriminatory references to Chinese culture. This is a capital placement company with high-impact investments around the world, and it was the only one that believed in Colombia, in Justo & Bueno, and swiftly made a firm offer to save the company.

Michel Olmi, founder of Justo & Bueno.

Difficult moments

The difficult moments caused by the COVID-19 pandemic just before reaching the break-even point and the social outbreak of 2021 in the country, produced a liquidity crisis that affected the operation. The company exhausted all possibilities fighting for the rescue as the best way out of the situation.

From the beginning of the crisis, employees, suppliers, store owners and distribution centers, as well as allies and authorities, were informed of the company’s situation with complete transparency.

The company indicated that the intention of capitalization of funds and purchase by an international group was also announced with the purpose of saving the company, the jobs and all the companies with which it teamed up during this time.

Finally, in a responsible and transparent manner, the opening of the liquidation process was requested given that the last rescue option was not fulfilled within the period agreed with the new investor.

“We deeply regret this painful situation for everyone. Our obsession over the last 15 months has been to keep Justo & Bueno afloat, protect jobs, attract investment and look for rescue alternatives that will benefit everyone who has been an essential part of this dream. We trust until the last moment in the different alternatives for the continuity of the company and the hope of being able to fulfill our commitments.

It was a very difficult test but we thought we could achieve it after having tested this model in Colombia to improve people’s quality of life, with which since 2009 we managed to attract more than USD$500 million of investment for the country, generating thousands of jobs. and well-being for many families

Michel Olmi, founder of Justo & Bueno.

As of today, the junction of the liquidator with the Merchandise administrative team will begin.

The public hearing of the company Mercadería SAS (Justo & Bueno) was resumed

The Superintendence of Companies affirmed that it resumed the public hearing of the company Mercadería SAS (Justo & Bueno), during which the judge emphasized that it is within his power to obtain the information required to adopt the pertinent measures, direct and achieve compliance with the end of the reorganization process, especially the preservation of viable businesses.

Similarly, it questioned the achievement of this purpose due to the serious breach of administrative expenses that, as of April 30, 2022, amounted to more than $135 billion, the operation of only 603 stores of the 1,118 enabled and the critical decrease of income, a situation that affects the operation of the company, generates doubt about the possibility of meeting the current obligations, as well as the due fulfillment of the credits of the process, facts that make manifest the lack of protection of the workers and other actors in its minimum vital.

The legal representative and attorney of the bankrupt company, inquired about the progress in the payment of administration expenses and the eventual announced negotiation, corroborated what was reported to the judge in the memorial of May 10, 2022, regarding the non-entry of resources, nor the payment of administration expenses.

The judge was verified that no information was provided about an investment plan or a mechanism to overcome the current crisis situation.

According to the Super, this fact, which threatens to extend over time and is reflected in the non-payment complaint memorandums signed by 474 tenants, 18 suppliers, 112 workers, 25 public service companies, in addition to 35 protection actions that seek the protection of these rights, evidenced that the reorganization process is not fulfilling its purpose and that the company’s operation is not being executed.

However, the Supersociedades clarified in a statement, since January 18, 2022, with the beginning of the reorganization process, opportunities were sought to create solutions to the company’s non-compliance, and to advocate for the protection of employment and the company, it was not achieved. positive answer.

The judge considered that these facts make the situation more burdensome for creditors, and forces him to mediate in order to seek the least damage, as well as the safeguarding of all subjects, especially those with greater constitutional protection.

The foregoing resulted in sufficient evidence to decree the termination of the reorganization process and order the opening of the judicial liquidation process of the company’s assets, appointing Dr. Dario Laguado Monslave as liquidator.

However, the judge ruled favorably on the request to apply article 6 of Decree 560 of 2020, regarding the use of the rescue tool for companies in a state of imminent liquidation, due to the manifest intention of a group of creditors to contribute new capital for this purpose.