On April 20, through a statement, Mercadería SAS, parent company of the Justo & Bueno chain, announced the arrival of the Chinese fund JFC (Joining Futures Capital International Limited) as its new owner, which would be in charge of paying debts to its creditors to avoid the ‘ghost’ of liquidation.
(‘There is no asset base to support the debts’, Justo & Bueno).
However, the resources did not arrive and, after the deadline to catch up on their payments, the Superintendence of Companies ordered the immediate liquidation of the chain.
However, despite the breach, and the fact that the merger process with the liquidator has already begun, JFC continues, on paper, in line to be approved in a possible reorganization before a new opportunity granted by a judge to host the company. under article 6 of Law 560, as a rescue instrument in the next 30 days.
When asked who the new owners of the chain are, Michel Olmi, founder of Justo & Bueno, told Portafolio in an interview that, with the Supersociedades’ decision, they are the creditors, “But understanding that you are asking about the role of JFC: as they publicly mentioned, the signing of the agreement for the sale of HD Colombia SA, parent company of Mercadería SAS to JF Capital International Ltd. took place on March 29”.
(Another salvage option arises for Justo & Bueno).
This means that the purchase agreement is maintained and the corresponding approvals are awaited to materialize, against which Justo & Bueno sees “I welcome the opportunity of the judge to welcome the company to article 6 of Law 560 of reorganization, since this allows a new opportunity for rescue in the next 30 days.”
WHO IS JFC?
Until just before Justo & Bueno announced the name of its new owner, Joining Futures Capital International Limited was unknown in Colombia.
The chain presented it as a Chinese fund created in 1990 that “It makes investments around the world in companies with a social focus within the segments of technology, agriculture, mass consumption, infrastructure and land development.”
“Despite not being a well-known firm, it manages a global investment portfolio in high-impact segments, mainly in land management, investments related to commodities, retail technology and supply networks. They approached us through the Church, and they had the endorsement of the World Federation of UNESCO Associations and the World Ecumenical Episcopal Conference, which is why we feel supported and confident. Of all the offers received during this last stage, that of JF Capital not only represented the largest rescue capital but added value for its investment portfolio and experience. We believed in them as allies and we regret that it has not materialized”Michel Olmi expressed to Portfolio.
(Justo & Bueno will close its stores and distribution centers).
For its part, JFC was presented as a private equity fundthan “We invest in companies and projects with ample potential for organic, economic and corporate growth. Our investment philosophy is based on the need to increase the value of ventures and maximize their strategic position, achieving economies of scale necessary to become world leaders in their sector”.
La W recently released details of the Chinese fund, which although it was registered in Hong Kong, its director is a Colombian who lives in Shenzhen named John Jairo Flórez Ospina and whose shareholder is María Fernanda Lazo and has registered assets of more than 3 million dollars. .
For nowJusto & Bueno continues to trust that the resources will arrive to pay the debts amounting to 281 million dollars (the reorganizable liability), before the liquidation process is completed.