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Colombia: Superintendence announces liquidation of airline Ultra Air

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The Superintendence of Corporations announced that the judicial liquidation process of the airline Ultra Air was opened. The decision was made after the company declared “the inappropriateness of continuing with the reorganization process it had initiated”.

The airline stated that it was unable to continue with the reorganization after not being able to close financing agreements that would inject new resources, so it did not have the necessary capital to restart its operations.

“This situation resulted in the termination of the contracts entered into with strategic suppliers and leasing contracts for the aircraft,” informed Superintendency.

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According to the entity, the judicial liquidation process will be carried out in accordance with the provisions of Law 1116 of 2006. In order to comply, creditors must present their claims before the liquidator, who “will prepare a valued inventory of assets and the determination of liabilities for the approval of the insolvency judge”.

“At the Superintendency we are attentive to adopt timely decisions that seek the recovery of viable companies, as well as their prompt and orderly liquidation in order to protect workers and creditors, ensuring that the assets of debtors continue to add value within the Colombian economy,” said Billy Escobar Perez, the Superintendence of Corporations.

The official added that Ultra Air’s salvation was sought, as is done with all companies if the “circumstances allow it”, but that it was not possible and that is why they adopt decisions that are required “without any delay as in this case, in its independence, has been determined by the judge of the case”.

With information from Portafolio

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