Ships, plots, offices and machinery of JSP are auctioned for 68 million

Whoever pays the most will get it. / c7

Being a "strategic" company for the islands, the objective is for a company specialized in the food sector and with financial solvency to keep the four factories. the task is complicated

Silvia Fernandez

the canarian industry
JSP will be auctioned for 68 million euros throughout this month after the judge in charge of the process, Guillermo Fernández, authorized at the end of April the sale by
urgent procedureas announced by CANARIAS7, due to the deteriorating situation of the company, which has completely stopped its production and
after rejecting the offer from Hiperion Capital Management.

The investment fund launched in early April
a takeover offer in which he proposes to take over all the assets without charges and without assuming debts, which caused the rejection of the bankruptcy administrator.

The auction will be carried out by the specialized company in the sale of assets derived from legal proceedings Asemar, as reported yesterday by the company that has been selected by the bankruptcy administrator, Rafael Franco. Asemar will have the
Ernst & Young (EY) legal advice.

The Mercantile 2 judge, Guillermo Fernández, has given the go-ahead for the sale through a specialized company with the aim of obtaining as much money as possible and covering the company's debts with suppliers, workers, the public administration and financial entities, among which are Banco Santander, CaixaBank and Sabadell, fundamentally.

Sources close to the Asemar company indicated yesterday that
the objective of the auction is to find a single buyer for the four factories (the one in Guímar, the one in Celgán, the El Tablero bakery and the Los Majuelos coffee roaster)
and linked to the food sector to continue with the business, "giving a new life" to the assets and the 146 workers who continue in the company.

Also included in the lot are plots, offices, machinery and four warehouses in different parts of the islands. JSP is valued at 49.4 million and Celgan at 18.1.

Close sources point to the
difficulty of this auction since to the money that is paid by the productive units and the assets must be added the investment to undertake to restart the company, which has been without activity for two months. “The cost is very high,” they indicate.

In the event that a single buyer does not appear, who is also required to prove his financial solvency to take over the group, he would go to the
breakdown of the company and the separate sale of assetsaccording to both productive and geographical criteria.

The director of Asemar, Rafael Tarazaga, indicated yesterday that
this auction process is not conventional due to the strategic nature of the JSP group for the islands, although today all their production is stopped and their products have disappeared from the supermarket shelves, replaced by other brands.

The auction, as reported yesterday by Asemar, will be held in
Two parts.

In a first An "open, public and transparent" screening process will be opened in which interested parties will present their offers. From here the finalists will be selected.

In a second phase, the authors of the selected bids will attend an extrajudicial auction that will take place on a day and at a time yet to be determined by Sasemar and that will have a minimum duration of five hours. In a final phase, the operation will be formalized by granting the deed of sale to the highest bidder.

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