Presto seeks to avoid bankruptcy: SIC approves plan to save the renowned fast-food chain in Colombia

TL;DR

The Superintendencia de Sociedades confirmed the reorganization agreement for Franquicias y Concesiones SAS, which operates the Presto brand.
The agreement received favorable support from 81.39% of qualified and graduated creditors.
The company's total debt to be addressed is $31 billion, with approved capital reductions of $19 billion for fifth-class creditors and $211 million for second-class creditors.
The plan allows the company six years to settle its total debt.
The reorganization aims to preserve 694 direct jobs and maintain the operation of 180 points of sale.
The Superintendencia de Sociedades will continue to supervise the execution of the agreement.

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