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Balsa & Asociados reported that it initiated the request for bankruptcy

Balsa & Asociados reported that it initiated the request for bankruptcy

The company Balsa & Associates published a statement this Wednesday informing that the application for bankruptcy proceedings has begun with the aim of preserving the projects that the project has: “Pilar de los Horneros”, “La Juana” and “Arenas del Cabo”.

Last Friday, the Single National Union of Construction and Annexes (sunca) denounced, through a letter, where he communicated the massive sending to unemployment of 400 workers in the sector. A situation that they described as “serious and urgent.”

Faced with this, the company published a statement, which was accessed Ambit, where they anticipate its future. It is dedicated to clients, workers, suppliers and investors related to Balsa & Asociados.

Bankruptcy of creditors

The statement establishes a request to Desarrollo Verde SAS, Chamery SA, Arenas del Cabo SAS and Verde SERVICIO SAS and Juan Martín Balsa Cadenas and has the objective of preserving three real estate projects: “Pilar de los Horneros”, “La Juana” and “Arenas del Cabo”.

“We hereby want to inform you that yesterday and for the purposes of preserving the projects ‘Pilar de los Horneros’ (Desarrollo Verde SAS), ‘La Juana’ (Chamery SA) and ‘Arenas del Cabo’ (Arenas del Cabo SAS) and VerdeCare SAS), the voluntary assistance of the same and Mr. Juan Martín Balsa Cadenas was requested. The measure pursues the judicial protection in order to allow the continuity of the companies,” the letter states.

“Likewise, this will allow a regulated environment that consults all the interests involved and with ample guarantee for all parties. In this bankruptcy framework, we will be working on the design of a balanced path, and oriented to the fulfillment of the undertakings and commitments,” he adds. .

The statement closes with a promise to offer more information about the situation: “We understand the concern that the situation generates in you and in public opinion, and we hope to expand the information as the tender process progresses.”

The presentation of bankruptcy proceedings decreased by 7.1%

During 2023, there were 91 companies who presented themselves to bankruptcy in Uruguay. Although the figure indicates that there were more than seven companies per month, it represents a decrease of 7.1% in the total, compared to 2022.

The Commercial Defense League (Lideco) carried out its annual survey in which it updates the number of companies that appear before the bankruptcy justice to enter bankruptcy proceedings. In 2023, the total figure decreased compared to the previous year, and there were 91 companies that requested access to this measure.

Of the total, 53 were necessary contests —that is, they were requested by any of the debtor’s creditors—, while the remaining 38 were volunteers —at the request of the debtor. In the year-on-year comparison, the necessary competitions decreased by 18.5%; and volunteers increased by 15.2%.

Although there was a more even distribution between these two options, Lideco still considers that, since 2021, “the number of necessary contests predominates over the number of voluntary contests.” For the institution, it would be necessary to ask “if the difference in favor of the necessary competitions is due to the lack of incentive of debtors to use the legal tool of the bankruptcy proceedings.

Likewise, the companies that entered bankruptcy in 2023 belong to very varied areas; although companies in the sector transport, of the industry construction, extraction minerals, bakeries, medicinal cannabis and holders of estate were the most repeated in the final balance.

Chihuahua Club SAtravel agency Travelgenio, and fintech Wenance They were the companies that entered bankruptcy proceedings for larger amounts.

Source: Ambito

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