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The company recognized the inability to continue operating and honor debts, in the amount of R$ 260 million and currently had 52 employees. (Credit: Reproduction/Disclosure)
Pan Produtos Alimentícios, known for its chocolate products in the shape of cigarettes and coins, was declared bankrupt this Monday (27) by the 1st Regional Court of Business Competence and Conflicts Related to Arbitration in São Paulo.
The company, which had been in judicial recovery since 2021, had filed for self-bankruptcy in court, in the 1st RAJ (Judicial Administrative Region) of the TJ-SP (São Paulo Court of Justice), on the 13th.
+ Justice of RJ decrees bankruptcy of the company of the “pharaoh of bitcoins”
The company recognized the inability to continue operating and honor debts, in the amount of R$ 260 million and currently had 52 employees. Pan had requested a 90-day extension to the court-supervised reorganization period.
In the decision, judge Marcello do Amaral Perino said he agreed with the conversion, transformation of a judicial recovery process into bankruptcy, “in view of the unfeasibility of maintaining the company that has a long list of debts and does not present a viable plan for judicial recovery and also evidenced its economic unfeasibility.
With bankruptcy decreed, the trustee will begin the definitive closure of the factory founded in 1935 in ABC Paulista, selling the remaining assets to pay creditors.
Pan was notable for products such as chocolate cigarettes, as well as others in the shape of squares, coins and fish, and the first diet milk chocolate in Brazil. It also produced Paulistinha candies, inspired by the Constitutionalist Revolution of 1932.
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( With inputs from : pledgetimes.com )
