Another Colombian airline will enter the liquidation process. It’s about Ultra Air.
This was announced by the Superintendence of Companies this Thursday, which argued the “inadvisability of continuing with the reorganization process” that the same entity recently announced.
As will be remembered, previously, the airline Viva Air had started its liquidation process.
In a statement released yesterday, the Superintendency of Companies stated that “the company indicated that given the impossibility of closing financing agreements to inject new resources, it was unable to obtain the necessary capital to restart its operations, a situation that resulted in the termination of contracts entered into with strategic suppliers and those of financial leasing on aircraft”.
Faced with this situation, the Superintendency announced that the liquidation process will be carried out under the terms of Law 1116 of 2006, in which creditors must present their claims before the liquidator, who will represent the company and will be in charge of the valued inventory of assets. , as well as the determination of the liabilities for the approval of the Bankruptcy Judge.
The Superintendent of Companies, Billy Arce, stated that “as we announced at the time, if circumstances allow it, we will try to rescue the companies, but in the face of insurmountable situations we will adopt the decisions that are required without any delay, as in this case, in its independence, has been determined by the judge of the cause”.
Likewise, Escobar Pérez indicated that “at the Superintendency we are attentive to opportunely adopt decisions that seek the recovery of viable companies, as well as their prompt and orderly liquidation in order to protect workers and creditors, ensuring that the assets of the debtors continue to add value within the Colombian economy”.
The process
As will be recalled, the Superintendence of Companies had recently authorized the business reorganization process of the airline Ultra Air after the company suspended operations due to its financial crisis.
Initially, the company of the airline had been admitted to the business reorganization process, which gave “formal start to the business reorganization process under the terms of Law 1116 of 2006, having accredited the completeness requirements established in article 2 of Decree 560 of 2020″ as indicated by the Supersociedades.
With this measure, the creditors and the company defined new conditions for the normalization of their debts, for the operational, financial, and organizational recovery of the company in a state of economic crisis.
Billy Escobar said that with this initial measure, it was sought to grant all the spaces for companies to find permanent support and “allow them their speedy recovery and strengthening, managing to reestablish their credit and commercial relations so that they can safeguard employment, boosting the Colombian economy ”.
But given the impossibility of closing financial agreements, the Superintendency decided this Thursday to start the liquidation of Ultra Air.
Another case
The Superintendency of Companies had already initiated by decree, the opening of the judicial liquidation process of the Viva Air company on the occasion of what was stated by the company regarding the unfeasibility of the recovery process that this Entity had initiated.
The foregoing, in response to the statement made by the company regarding the impossibility of configuring a new business plan for the restart of its operations.
In turn, he explained that he does not have the capital, liquidity, assets, and personnel necessary to achieve his economic recovery.
The Super reported that the judicial liquidation process will also be carried out under the terms of Law 1116 of 2006 with the appointment of a liquidator who will represent the company for all purposes and will carry out the corresponding actions for the preservation of the assets, as well as , the determination of the liabilities to be attended.
Creditors must present their claims to the liquidator as indicated by the applicable regulations in order to prepare the determination of debts and the valued inventory of assets that will later be studied by the Bankruptcy Judge.
In this regard, the Superintendent of Companies Billy Escobar Pérez pointed out that “We will continue to provide spaces and accompaniment so that companies can overcome the difficulties they are going through; however, when these are unfeasible, it is our duty to intervene to seek the prompt and orderly liquidation of assets so that they recirculate in the economy, protecting social rights and creditors”.