After having detected financial irregularities in its San Francisco de Macorís branch, the cocoa company Munné SRL reported that voting creditors in the Munné case prefer to lose everything before accepting payment of 70% of the debt owed.
In a press release sent to Diario Libre by representatives of the Munné company, they stated that, after deliberations with the debtor party and expert advisors, the voting creditors expressed resounding disinterest in receiving 70% of the amount owed within 180 days, and instead, they choose to charge 90% or liquidate the cocoa company knowing the consequences that this implies.
The document explains that, in a meeting held last week between the conciliator appointed by the Judicial Power, José Enrique Pérez, the lawyer Carolyn Jáquez, the lawyer Marcos Troncoso as an expert assistant; Ricardo and Laura Munné accompanied by their advisers Raymundo Haché, Francisco Álvarez, Julio Fernández and Mariano Tolosa for the debtor party, the creditors with the right to vote expressed their disinterest in receiving 70% of the debt.
Enrique Pérez indicated at the meeting that, although it is not in a state of illegality, the Court wants a restructuring agreement to be reached or to go to liquidation, before December 18, 2021.
In addition, he stressed that “each party has expressed its proposal and Munné’s has been to pay, within a period of 360 days, 70% of the debt owed to the unsecured and 60% to the subordinates within which the interests are found. accrued as of the start date of the restructuring process ”.
For his part, the advisor Raymundo Haché expressed the will to further improve the payment time, assuming that 70% will be paid within 180 days. While Laura Munné explained that all the value that will be obtained from the assets of the company will be to pay the creditors.
“The flow of funds does not allow to pay more than 70% to investors, that is why we need an agreement between both parties in which it must be legitimized by the Court so that any of the interested parties can access the future benefits presented by Munné ”- expressed Julio Fernández, advisor to the investment bank.
For his part, the expert advisor, Marcos Troncoso, suggested analyzing, together with another expert, the future flows included in the Data Room to see if they are enough to pay 70%, or if they could be enough to pay a higher amount. Additionally, he urged creditors with voting rights to analyze this possibility before falling into liquidation where they would not be able to recover 100% either, but much less.
Carolyn Jáquez, lawyer, who explained the possibilities they have to collect if they reach an agreement and said that if said agreement was not fulfilled by Munné, then the court will automatically determine the liquidation of the company and that, in the event of liquidation, The company’s assets would lose their value as of its closure, due to accelerated depreciation as it is inoperative, while privileged claims will be generated with all employees and with the General Directorate of Internal Taxes (DGII).
“We are available to write a letter of intent to carry out this agreement and we will ask that the next meeting be in San Francisco de Macorís and that they would be the guarantors of the safety of the Munné so that they can go to that municipality,” he said. Dr. Francisco Francisco.
The representatives of Munné finally explain that, in this surprising way, despite the multiple actions of the Munné company to return the money to the people affected by the fraud that existed, there are countless voters who refuse and put the money from thousands of families.