August 10th, the Conciliated Reorganization Plan of Inversiones Encanto S.A. (Justo & Bueno) was approved, as well as the execution of the Continuity Agreement to implement said Plan. Both documents were accepted by more than sixty percent (60%) of the creditors of Inversiones Encanto S.A.
Inversiones Encanto S.A. is the operating company of the more than 100 Justo y Bueno stores in Panama and the restructuring process has been the first carried out through the application of Law 212 of April 29th, 2021. This Law was conceived to govern the processes of Conciliated reorganization of companies affected by the National Emergency decreed by the National Government during the COVID 19 pandemic.
SIGNIA participated in the Conciliated Reorganization process from the beginning, providing legal, financial, fiduciary and strategic advice to a representative group of creditors of Inversiones Encanto S.A., achieving the immediate benefit of safeguarding more than nine hundred direct jobs and five hundred suppliers. Likewise, this restructuring will allow the Panamanian market to continue having access to quality products at fair prices, which is the main purpose of the Justo y Bueno stores. The advice provided by SIGNIA was led by its founding partner, Francisco Martinelli, and also included the participation of professionals from other areas that are members of the SIGNIA team.
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