With the support of the creditors, the Reconciled Reorganization process of Justo & Bueno before the Conciliation and Arbitration Center of Panama (CeCAP) of the Chamber of Commerce, Industries and Agriculture of Panama, has culminated favorably.
Prior to the plenary meeting with the creditors, convened for August 10 of the current year by the Conciliator Aurelio Barría, they had the opportunity to vote for the approval or not of the Continuity Plan presented by Justo & Bueno, which establishes structured modalities for the payment of the debt acquired until December 2021 and the continuity of the business.
In said plenary session and counting on the results of the vote of more than 60%, the Continuity Agreement was signed, endorsed by the Conciliator, Inversiones Encanto and the creditors, which will be sent to the First Civil Circuit Court of the First Circuit Judicial of Panama, for the fulfillment of the same.
Currently, Justo & Bueno, thanks to the economic injection made by Jorge Plaza and the new group of shareholders, has reactivated sales and has directed the amortization of the liabilities recorded by the company.
The favorable culmination of the Conciliated Reorganization process, Inversiones Encanto (Justo y Bueno) that was advised by the law firm KATZ & LOPEZ, led by Esteban López, demonstrates that the regulatory norms in this matter, allowed during the bankruptcy protection period, reach assertive agreements between creditors and debtors and keep the company operational; at a time when it was crucial to guarantee jobs and economic activity.
The trust shown by the creditors in the renewed administration of Justo & Bueno, led by Jorge Plaza and his team, reflects the importance of keeping the largest number of sales channels open, especially for Panamanian SMEs and agro-producers; They represent the majority of the convenience store chain providers.
