“Enjoy will always be part of my life, of my biography, but today is the time to make room for new leaders as new shareholders join the company, and give it a necessary new air, in a completely different country and world context, in the midst of an industry that radically changed, and in which the new players who enter the property must set a course that allows this brand to maintain the leadership it has always had," Martinez says in his letter.
For this reason, he said, the executive will be leaving office effective April 28, one day before Enjoy's shareholders' meeting.
His departure coincides after the end of a tough reorganization process of the firm, which meant that in the agreement to avoid its bankruptcy, a reduction of the firm's level of indebtedness was agreed by converting at least 70% of the valued debt in Enjoy shares, with a strong incentive to convert.
The latter would take place after the shareholders' meeting. This is when it will be officially defined that the Martinez family and the Advent International fund will keep less than a 10% stake in the company.
Indeed, according to an essential fact of the operator to the Financial Market Commission (CMF), the company indicated that "Enjoy's main shareholders to date, by virtue of the imminent change in the shareholder structure and the proximity of the company's shareholders' meeting, consider it reasonable to allow that, as of the next JOA, the company's board of directors adequately reflects the names proposed by the shareholders that will be effective once said conversion is implemented."
It should be remembered that at the beginning of the year it was announced that Dreams shareholders began conversations with Enjoy creditors to merge both companies, an unexpected move within the sector.
Other resignations
However, in addition to Martínez, in the extraordinary session held yesterday afternoon, four other directors also presented their resignation.
According to the firm, all departures will be effective as of April 28, 2021, "in order to allow the ordinary shareholders' meeting, which will be scheduled for April 29, 2021, to elect the board of directors completely, in accordance with the law, and that Enjoy has a functional board of directors until then."
It was added that the main current shareholders will contact Enjoy creditors and soon shareholders "to promote and support the candidates to the board of directors that they propose."
Source: Diario Financiero
