Supersociedades confirmed reorganization agreement for Buffalo Wings operator

Supersociedades confirmed reorganization agreement for Buffalo Wings operator
Supersociedades confirmed reorganization agreement for Buffalo Wings operator

The Superintendency of Companies, headed by Billy Escobar, announced that the reorganization agreement of the company Operadora de Franquicias de Colombia SAS was confirmed, in charge of exploiting the BW Buffalo Wings and Dos del Alma brands.

This company was established in 2008 to provide restaurant and bar services, and its financial crisis resulted from the covid-19 pandemic.. According to the company, several situations led them to take advantage of the recovery process that began in September 2023, such as shortages of raw materials, increased prices due to inflation and high interest rates.

With the approval of the reorganization agreement, liabilities for $32,423 million were restructured to be paid over a period of eight years, related to labor, tax obligations and with strategic suppliers, which protects 400 jobs in its operation.

“It is necessary to recognize the effort and will of the parties to achieve the reorganization agreement as a business rescue tool, in which the continuity of the operation and labor creditors were protected; I must especially highlight that in the present case The financial entities accompanied the company by refraining from executing their guarantees, which demonstrates confidence in the insolvency regime and the opportunity for improvement in the economic reactivation of the country”, said Billy Escobar, Superintendent of Societies.

 
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