Creditors of the manufacturer of flexible packaging Yanber, agreed to receive the company as payment for debts owed to each of them in order to keep the business going.
The Yanber Corporation requested use of the Preventive Convention in order to suspend payments in June 2015 , with the aim of reaching a settlement with its creditors, in order to avoid falling into bankruptcy and to continue operating. With the current agreement, the company will become the property of a trust-owned by its creditors.
The manufacturer of flexible packaging and films which has a presence in several countries in the region and in Colombia, has filed for an agreement of suspension of payments in Costa Rica in order to avoid going bankrupt.
An article in Nacion.com reports that the company spokesmen said that the intention "...
A law will bring benefits for a few, paid by all, discriminating against other companies in the sector, a situation which is inequitable and distorts the rules of the market and free competition.
In Costa Rica a bill to help tourism businesses affected by the 2008 crisis would forgive the interest on their debts with state banks, which, if approved, would be totally unfair for companies who have managed their situation better, getting over the crisis and are now up to date with their loan payments.
A proposal has been made to create a program within the Banking Development System to allow tourism enterprises to readjust their debts with banks.
If the bill introduced in Congress thrives, a group composed of representatives from the Costa Rican Institute of Tourism, the Banking Development System and the Ministry of Planning (Mideplan) would analyze each case and determine which companies could opt for restructuring.
As of September 2013 the Honduran government owes almost $5.7 billion, more than the $4.8 billion that the country owed when the Paris Club and the IDB decided to forgive $3.5 billion.
Latribuna.hn reports that "During the government of Ricardo Maduro (2002-2006), Honduras reached the culmination point of the Initiative for Highly Indebted Poor Countries (IPPAE) and managed to get a remission of 2 billion dollars. After that the IDB forgave them $1.5 billion in the administration of Manuel Zelaya, adding up to 3.5 billion in both periods, leaving a foreign debt of 1.3 billion. The money should have been invested in the Strategy of Poverty Reduction (ERP) . "
Costa Rican legislators condoned the debt a group of farmers had with the State without much justification.
In the Costa Rican Congress, a wide majority of representatives approved debt condonation for a group of farmers who benefit from highly subsidized credit programs, basing their decision on "social solidarity" grounds.