Supersociedades Admits Judicial Validation of Flamingo's Reorganization Agreement
The Superintendency of Companies reported that, through Auto 2026-01-060247 of February 13, the judicial validation process for the extrajudicial reorganization agreement entered into by Almacenes Flamingo was admitted.
TL;DR
- The Superintendency of Companies admitted the judicial validation of Almacenes Flamingo's reorganization agreement.
- The agreement was approved by 90.78% of creditors, exceeding the required majority.
- The plan details how debts will be paid, prioritizing labor, tax, and parafiscal credits.
- Secured creditors' conditions will be maintained, with provisions for selling mortgaged properties if necessary.
- Suppliers and fourth-class creditors will receive an initial proportional payment and a gradual amortization program starting in 2028.
- Unsecured creditors will have deferred payment schemes with reduced interest rates.
- The agreement includes new corporate governance rules, such as dividend restrictions and a creditors' committee.
- The Superintendency highlighted the agreement's role in preserving productive units, protecting jobs, and avoiding value destruction.