September 26, 2023
Companies

Everfit Bankruptcy Reorganization Wins SuperSociedades OK

Colombia’s corporate oversight agency Superintendencia de Sociedades (SuperSociedades) announced October 25 that Medellin-based clothing manufacturer Everfit won approval for its bankruptcy reorganization plan.

According to SuperSociedades, “the [reorganization] agreement has an expected duration of six years and 10 months. This [deal] seeks the conservation of about 100 direct jobs and the productive [capacity].”

The deal also includes continuation of pension payments for 60 employees, at least through end-2018, according to the agency. “The payment to workers will be made in a single installment this year,” according to the agency.

SuperSociedades director Francisco Reyes Villamizar added that “the reorganization process seeks to recover and preserve the company as an economically productive unit, normalizing its commercial and credit relationships, through the operational and administrative reorganization of its assets or liabilities.”

Everfit, founded here in 1923, filed for bankruptcy on July 29, 2016, as it was unable to compete against a flood of cheap textile and clothing imports — mainly from China and elsewhere in Asia. Its web-page today features a “Compra Colombiano” (Buy Colombian) message (see photo, above). 

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