As a result of the refinancing carried out with Cajamar and other banks, harsh financial conditions were imposed on AGRUPAEJIDO's shareholders, with the consideration of the guarantee of working to protect the company's viability. On that basis, it was accepted, even by AGRUPAEJIDO's board, to appoint the person who requested the banking pool as General Manager, giving him full powers.
The shareholders and directors took all possible personal sacrifices, committing all their assets and signing away the company's management, solely based on the absolute guarantee from the banking pool that the imposed managers would work to ensure AGRUPAEJIDO's viability.
However, in early 2015 it started to become clear that this was not the case, that work was being done exclusively for the benefit of the banking pool, improving its guarantees, anticipating multi-million charges at the expense of the organisation's treasury and facilitating commission expenses on unnecessary banking transactions, based on a policy of disinvestment that went against the company's interests. This led AGRUPAEJIDO to the point of almost having to file for bankruptcy, but making sure that this was done in a moment when it was no longer possible for these banking operations to be terminated, with complete disregard to the interests of the company.
Given the finding of these very serious facts, in a context in which the banking pool prevents the negotiation of minimally reasonable terms, the decision has been taken by AGRUPAEJIDO's Board to sack the General Manager and take legal action against him and other parties responsible at Cajamar for fraud and unfair administration.
The Board of Directors believes that the company is viable, and that with a team working to protect its interests, and not those of the banking pool, they could manage to overcome the current situation, and they hope that those responsible for the pool take the company's social and labour situation and its Viability Plan into consideration and refrain from carrying out irresponsible actions that may definitely kill the company, with the consequent job losses and the damage to numerous workers and suppliers, who fully depend on AGRUPAEJIDO.