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Metrolínea will use the law as a mechanism for business reactivation and restructuring of liabilities, in order to negotiate a form of payment with creditors.
Currently, Metrolínea SA has a debt of Ch $ 157,000 million in capital due to legal liabilities that put the Company in a difficult financial situation. Although all possible and legal efforts were made by management to obtain resources via transfer from the municipalities of the metropolitan area or access to credit, it was not possible and therefore the most viable decision was made, which was to propose to adhere to Law 550 from 1999.
Thus, after informing the Board of Directors of the next step, on September 14 the proposal was brought before the General Assembly of Shareholders by the manager of Metrolínea SA, Emilcen Jaimes Caballero, the result of which was approval by 99 , 10% of the assembly members.
“From Metrolínea SA, in view of the difficult financial situation that has been getting complicated with the passing of the days and more so in this emergency, the decision was made to enter into this procedure with two purposes: one, to allow the company a process of business reactivation derived from a negotiation with creditors that includes the freezing of interests and release of liens; and two, guarantee the continuity of the provision of the service to all our users ”, stated Jaimes Caballero. The Manager assured that this authorization corresponds to a “real and effective” decision regarding the issue of legal liabilities that has been coming for several years, so it is expected that the process that begins will benefit the company but also allow it to respond before creditors.
“The next process is the request to carry out the restructuring of the liabilities before the Superintendency of Ports and Transportation (Supertransporte), entity that regulates Metrolínea SA, so that it is accepted and embraced by Law 550 of 1999. After This starts the process in search of negotiation with creditors that will lead us to payment agreements according to the possibilities of the company ”, said the Manager.
Jaimes Caballero was emphatic that this process will bring benefits for Metrolínea SA and reiterated that the concession contracts with the operators TISA, Metrocinco Plus and Movilizar continue to be executed and therefore the service will continue to be provided in a normal way as has happened so far in the three municipalities where the operation is located (Bucaramanga, Floridablanca and Piedecuesta).
The General Assembly of Shareholders is made up of: the Nation with the ministries of Finance and Transportation, the mayors of Bucaramanga, Floridablanca, Piedecuesta and Girón, the Municipal Employment Institute of Bucaramanga (IMEBU), the Institute of Housing and Urban Reform of Bucaramanga ( Invisbu), the Bucaramanga Metropolitan Area (AMB) and the Bucaramanga Transit Directorate (DTB).
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