In Costa Rica, the auction of four properties belonging to the plastics manufacturer Yanber is scheduled for October 4, which, after going through a period of crisis, closed its operations in June.
Despite efforts by the new owners to keep the company afloat, the Yanber Corporation has decided to stop operations at the flexible packaging factory in Costa Rica.
Two businessmen have acquired 100% in the equity interest of Corporación Yanber, which earlier this year had been handed over to creditors in order to avoid bankruptcy.
Francis Durman told Crhoy.com that"... 'The intention was never to acquire the company, rather the need to inject more resources to capitalize the company was fundamental to achieving the goal of balancing the operation in the first year and starting to generate profits from the second year.This capitalization is very important to ensure the future of the company'."
The plastics company is in the hands of its creditors, who will form a new board that will focus on restructuring the company in order to sell it within two years.
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 "... is to continue operating and to honor all obligations and commitments to customers, creditors and employees.
Industrialists are starting to look at transferring their plants to countries where energy costs are lower.
The high cost of electricity bills has caused some industries to look at moving their operations out of the country in the search for savings and competitiveness.
Corporación Yanber, a manufacturer of packaging for trade, industry and agriculture, decided to go to Nicaragua eight months ago, and other companies are evaluating the possibility of moving their operations to countries where the energy sector impinges less on the cost of their products.
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