In Costa Rica an agreement between Casa Blanca and its creditors will allow the company to continue operating, with new financial conditions for paying back the $62 million owed.
The agreement which may have been reached by the appliance chain Casa Blanca and banks and suppliers whoare owed $61.5 millionestablishes a two - year grace period and up to 15 years to repay all of the liabilities. In addition, the company owners are required to put their shares into a trust and restructure the organization.
In addition to the judicial process which was initiated to achieve a settlement of a $61 million debt, the chain store in Costa RicaCasa Blanca expects to close 4 of its 59 outlets this year.
The company explained that the decision to close four of the 59 stores operating in the country is due to a need to achieve higher levels of efficiency and profitability, while it renegotiates the terms of its debtwith banks and suppliers.
Due to liquidity problems, in Costa Rica the chain store Casa Blanca has started a legal process in order to reach an agreement regarding payments to its creditors.
Increasing competition in the market of home appliances and white goods could be one of the reasons behind the difficulties facing the White House chain, and that led to its request to organize a payment agreement with its creditors.
In preparation for his visit to the region, the U.S. president is meeting with business leaders who have a "significant presence" in Mexico and Central America.
According to the White House, the goal is to talk with employers, before his trip to the region next week, about "opportunities to expand U.S. trade with Mexico and Central America", with the goal of creating jobs and "reducing barriers to growth" in the region.
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