This is the businessman who bought an apartment in Miami for $5.5 million while he let his textile company go bankrupt in Colombia

A request came to the Superintendent of Companies to comply with Law 1116 or the Bankruptcy Law in the country, The textile giant Encajes SA is coming from Colombia, as published by the portal this Tuesday, March 19 First page,

Indeed, Supersociades confirmed that the document in which the company, Which has been the supplier of famous brands like Victoria’s Secret, Calvin Klein, Tommy Hilfiger and Leonisa. To mention a few, they claimed to be in difficulties, which is why they requested which has already been accepted for business restructuring.

This means that creditors are frozen immediately, to give the company room to maneuver to continue operating. Meanwhile, Leon Bibas, one of the company’s owners, had purchased an expensive apartment in an exclusive area of ​​Miami.

The arguments presented in the request submitted to the Supersociades, according to what was published First page And according to the application document submitted by Encajes SA to Supersociédades, the company is “unable to make payments taking into account circumstances in the market that will seriously affect the normal fulfillment of obligations within the next 12 months.”

Thus they support the request for protection under the insolvency law, a decline in demand for their products, around which they indicated that sales had fallen by more than half (56%) by September last year. They also blamed a decline in local sales and exports, noting that demand is low in the markets they reach.

Additionally, they say they are affected by inflation, which, Despite the decrease compared to 11 months earlier, “it remains high, which generates pressure on expenses and costs, as suppliers rely on an increase in that indicator.”

The famous businessman Bibas is behind the Encajes SA Colombia company. The company was originally formed in 1978 by businessman Marco Bibas. In the 90s, his son Leon Bibas developed a line of elastic lace products and worked to consolidate Encajes SA as one of the largest suppliers of the product worldwide.

As of 2021, business records showed it was the main exporter of lace in Colombia, a supplier of inputs for the manufacture of underwear., Although 95% of its production is domestic, it has also tied up with factories in China. In fact, in the foreign company branch registration certificate that he presented to Supersociades, he reported a public deed of foundation of the company Encajes SA, domiciled in the British Virgin Islands, and a resolution giving consent to the establishment in Colombia. branch.

By 2021, after the pandemic hit, they said they sold to more than 40 countries and represented 65% of Colombia’s total lace exports, with offices in New York, Miami, Hong Kong and China.

Furthermore, as recorded the real deal In 2020, now quoted First pagebusinessmen would have bought Luxurious condominiums at Turnberry Ocean Club by Jeffrey Soffer, creator of projects that are famous because they look like real cities built exclusively for billionaires.

There, Leon and Andrea Bibas (Leon had been the executive director of Ancajes) paid $5.5 million.According to the publication (The Real Deal), for an apartment in Sunny Isles Beach Florida.

Therefore, it is now surprising that the company has taken advantage of the corporate insolvency law despite acquiring a luxurious condominium.

Another variable they placed in order to request to be covered by bankruptcy law in Colombia This causes interest rates to rise, which causes “fiscal expenditure to increase by at least 54%”, he argued.

including, He also used “overperception of recession risk” as an argument, which may have led to inventory cuts.“With results on sale.”

But they also highlight the fact that there are great expectations from the reforms being undertaken by the government in Colombia. in Congress and focused particular attention on labor, which they see as a tool that will increase labor costs and reduce the possibilities of “adjusting payrolls to the production level,” the superseded document said.