Gerardo Monroy promised the Supersociedades that he will pay a million to prevent
Fair & Good
go to liquidation, and the entity agreed to suspend it to give him the opportunity to do so.
What is the new investor promising?
Technically, Monroy requested that one of the economic emergency decrees be applied that allows any creditor to save a bankrupt company on account of the pandemic, paying, in cash, debts with workers, administration expenses and ‘any credit with a vocation for payment’.
At present, only in administration expenses, Justo & Bueno owes more than 135 billion pesos.
According to the standard, the salvage offer could be officially presented in mid-June and, once presented, backing out has a huge penalty: 50% of the offer.
Who is Gerardo Monroy?
Monroy is the CEO and founder of MGM Innova Capital and the MGM Sustainable Energy II fund.
“It is a creditor company and supplier of equipment of refrigeration for Justo & Bueno”, Monroy said during the hearing.
According to the company page, MGM Sustainable Energy II is a private equity fund with more than 125 million dollars in investments and which manages resources from the World Bank, the European Development Bank and the German Development Bank, among others.
Monroy is an old acquaintance of Justo & Bueno and, in fact, according to this document known to Blu Radio, that fund gave a loan to a company owned by Michel Olmi, founder of Justo & Bueno, on December 16, 2021, in exchange for a ‘pledge’ on Olmi’s shares in the same company.
According to those documents, MGM was aware of the sale of Justo & Bueno to the JFC fund, which finally He did not keep his promise to save the company.
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