Presto operator Franquicias y Concesiones enters judicial liquidation after failed restructuring

Franquicias y Concesiones, operator of the Presto fast-food chain, has been declared in judicial liquidation despite a reorganization agreement approved in April to restructure $31 billion in liabilities. The liquidation signals the failure of the restructuring plan and likely closure of operations, affecting creditors and employees. The development is a notable corporate distress event in Colombia's retail sector.