Hiperion proposes to keep JSP at zero cost and without complying with the ERE pact


Image of the signing of the agreement of the ERE between the representation of JSP and that of the workers and that now Hiperion will not comply. / ARCADIO SUAREZ

The investment fund launches an acquisition offer in which it proposes to take over all the assets without encumbrances and without assuming debts. The fund proposes an investment of 1.1 million euros to restart the four plants

Silvia Fernandez

Where I said I say, I say Diego. This saying can perfectly summarize the turn taken by the investment fund
Hyperion Capital Management regarding the agreement reached last January between the JSP company and the workers' representatives to formalize an ERE on 70% of the workforce and that it was going to be the basis for guaranteeing the survival of the Canarian industry.

Three months after that agreement, this investment fund, which always had the support of the Sánchez family against other interested investors,
has launched an offer to acquire JSP in which it proposes to keep the entire industryincluding vehicles, real estate, production units, computers, machinery (despite the fact that it was sold to Gordon Brothers), piers in Lanzarote, land and brands, but,
without any cost.

They do not want to assume credit burdens -nor the debt of the creditor financial entities- beyond what is about to expire and, furthermore, they warn in the letter submitted to the works councils and the bankruptcy administrator Rafael Franco that
they are not going to assume the improvement in wages that was agreed in January for the 270 workers who went to the streets with the ERE.

As will be recalled, the offer was improved in the agreement so that those who left would receive 25 days per year worked with a cap of 16 monthly payments instead of the maximum 20 days per 12 months paid by the Salary Guarantee Fund ( Fogasa). Now, as stated in the offer made by Hiperion and to which CANARIAS7 has had access, it is stated that "it will not be subrogated in the part of the amount of pending salaries that must be assumed by Fogasa." The only debt it recognizes is that of the 146 workers who are still in the company.

Hiperion's proposal "has disappointed" the bankruptcy administrator Rafael Franco according to close sources, since it fails to comply with almost all the agreements and pacts that had been closed during the negotiation period that took place in the second half of 2021. As regards the representatives of the workers, those of Las Palmas have They have shown opposition to the proposal, but the new company committees of JSP and Celgán, in Tenerife, have accepted it, despite the fact that it cuts the conditions for the 270 employees who left with the ERE.

In recent months there have been changes among the members of the works councils and even in the JSP council. Until now, the director Roberto Ángulo, who led the negotiations, resigned on March 17 and today is part of Hiperion, according to these sources.

The investment fund clarifies in the proposal that, although it is he who makes the offer for JSP, "the final buyer" will be a company owned by investors and executives of Hiperion. Thus, it leaves the door open for other types of investors to enter. Hiperion has not yet submitted its proposal to the Mercantile Court number 2 of Las Palmas, but everything indicates that it will raise blisters by not taking over the financial debt, which exceeds 60 million euros, either totally or partially.

«The offer includes all the properties (...) that will be awarded as isolated assets; with real estate, the contracts, licenses and administrative authorizations will be transferred without this implying the assumption of the payment of credits not satisfied by the bankrupt; all intellectual property, including trademarks; all facilities, machinery (including what was sold to Gordon Brothers, which will have to be resolved by the insolvency administrator so that all of the machinery can be transferred free of charge in favor of the investor (...)» , picks up the document. Regarding payments. Hiperion assumes the accounts receivable and the credits of the estate pending maturity but not the expired ones. If not fulfilled, it will render the offer null and void.

1.1 million to restart the four plants

The Hiperion investment fund's purchase offer for JSP is accompanied by an economic viability project in which the only investment it collects is
1.1 million euros to «guarantee an initial start-up of all the plants not precarious and that allows us to withstand the shortcomings of investment in recent years».

Currently all the JSP plants are shut down, including the one in Guímar, which already has no production this week.

According to Hyperion's plans,
the Guimar plant It will be directed to "massive and continuous production" and the search for new clients outside the insular area is expected, towards the peninsula, the European market and export to other continents. “All logistics and product distribution will be carried out by the company itself in containers and retail sales will not be carried out,” is included in the plan, which anticipates growth of 10% per year.

As to
the El Tablero plantit will seek to produce bakery products with high added value and, taking advantage of the demand for island bakeries, increase its production until it is profitable.

for Celgan, after months without producing its own product, Hiperion recognizes that the gap it occupied in the market has been supplanted by peninsular products and that it will be difficult to recover it. All in all, he considers that in the medium term it will be possible to partially recover market share, although he considers the plant to produce for clients with a large presence in hotel distribution as a hopeful future. Finally, it picks up the possibility of launching
the coffee unit when possible buy raw material.



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