Coltejer Hires Consultant To Develop ‘Financial Restructuring’
Medellin-based textile manufacturing giant Coltejer revealed in a November 22 filing with Colombia’s Superfinanciera regulatory agency that it has hired a consultant to develop a financial restructuring plan in order to pay liabilities.
According to the filing, the company also seeks a credit worth COP$12 billion (US$3.7 million) to buy cotton feedstocks for its manufacturing plants here.
The company, whose majority shareholder is Mexico-based textile multinational Kaltex, revealed earlier this month that it posted a net loss of COP$19 billion (US$5.88 million) for third quarter (3Q) 2018, compared to a net loss of COP$7 billion (US$2.2 million) in 3Q 2017.
For the first nine months of 2018, Coltejer has posted a net loss of COP$32.7 billion (US$10 million) versus a net loss of COP$27 billion (US$8.3 million) in nine-months 2017.
The company employs 1,245 workers at two plants in the Medellin suburbs, one at Itagui and the other in Rionegro.
Textile makers in Colombia for years have been hit hard by below-cost Asian imports including contraband, resulting in heavy financial losses.