“Tostao ‘is a viable company and we are going to pay off our debts.” With this slogan Helder Jacinto, general counselor of the company, confirmed that he filed with the Superintendency of Companies an application for admission to the business recovery process established by Decree 560 of 2020, specially designed for viable companies that go through complex situations such as the current one.
In a statement, the company specified that last Friday, June 26, it submitted the request with the intention of entering into a reorganization agreement with all its creditors, respecting their rights.
“The object of the emergency negotiation process is to pay the entire liability. This process is designed for the recovery of viable companies that go through situations of illiquidity ”, was described in the text.
Likewise, it was clarified that the beginning of this process shows the viability of the company and the continuity of the development of its corporate purpose.
“In accordance with the foregoing, Tostao ‘undertakes with each of its creditors that once it is admitted by the Superintendency to the negotiation process, it will communicate directly with each of them, in order to inform how the process will be developed. and the definition of the payment of the pending obligations to date ”, it was indicated.
From the beginning of the contingency, the company has focused on preserving jobs, entering into different strategic alliances with other companies such as Justo & Bueno and Farmalisto to temporarily relocate more than 400 employees from the payroll that benefits some 3,200 families.
Tostao ‘Café & Pan was born four years ago motivated by the dream of giving everyone, regardless of the stratum, a good quality experience. “This dream despite the circumstances, remains intact,” was highlighted in the note that announced the decision.
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