Cereals Vincentine The President responded sternly Albert Fernandez, That yesterday offered as a proposal for the agri-food sector to have a company “witness” and, in this regard, again attacked the company, the bankruptcy of which has recently been intervened by the Supreme Court of Justice Santa Fe. Fernandez focused on the figure. To Crash. This is the last resort for bankruptcy, allowing creditors or other external actors to formulate a takeover bid. The company said about it “The grain market is not a contracting company and can not be a witness” And noted that any explanation is strictly to say “about the crash.” “They only confuse the non-specialist audience.” The promotion of the Head of State takes place on the 30th day of the current year, the day before the expiration of the exclusivity for the company.

“In the current scenario, in which the Supreme Court of Justice of Santa Fe has intervened and there may be a possibility of delay [opción que puede solicitar un acreedor]I said let’s explore as much as possible. What is not possible is the logic of “let’s expropriate companies in every possible way”, because later they pay for what does not fit. “And I do not want to do that,” the head of state said yesterday Page 12. Then he added: “Banco Nación is a privileged lender and can be a determinant of bankruptcy or continuity. “Now, if we can guarantee continuity, then we will set the conditions to make it possible.” Earlier, the head of state said that a “witness” company was needed for the food market.

Banco Nación provided $ 300 million in pre-financing to Vicente. The subject criticized the management of the grain company and rejected his proposals. Recall that the company has already submitted a 12-year payment plan to creditors in court. At the end of the cycle, lenders would receive about 30% of the initial debt.

The firm has an agreement with the Argentine Cooperatives Association (ACA), Viterra and Bunge to become its strategic partners after the completion of the entire process, in exchange for 95% of the shares. These actors plan to spend more than $ 300 million annually to run the firm.

According to specialized sources, Banco Nación’s “privilege” is not a general privilege. We are talking about the guarantee of the plants that the grain company has in Santa Fe North, such as the production of ethanol. Of the total loan, $ 70 million is unsecured and in this case the bank is another lender. “In this case, he does not have enough weight to overstate the balance in terms of what he has to do with capital, but this is another lender who can act in a competitive way like any other. “What he does not have is a special force when it comes to this $ 300 million,” said the consultant. It is noteworthy that the group of five international banks are creditors of $ 530 million.

“All the explanations related to the hypothetical contraction – impossible due to the support of most of the creditors of the proposal – only confuse the non-specialist audience, as none of them explains how Vicente’s activities will be financed, of which 300 million. “The working capital dollars will come out, how lenders will get their loans – everything, not just grains – and how 1,500 direct jobs will be secured during adventures without leadership and financial opportunities”; Mentioned in the grain company statement.

It should be remembered that in November last year, a group of 72 creditors, representing more than 25% of the grain credit in excess of $ 420 million, facilitated the reduction process.

The grain company said the proposal, which it owes to its creditors, “has the support of more than 1,000 creditors to date” and “has concrete opportunities to reach a declaration of agreement.” At this level, it has what is needed for grain lenders, while the definition of international banks is still unclear.

Vicente described his proposal as “credible, sustainable and self-sufficient” and noted that “this is the only concrete alternative that allows the company’s creditors to repay their debts under the terms of the majority law.”

Elsewhere in his statement, he referred to the phrase “witness” company that Fernandez spoke about yesterday when ordering the agri-food sector. “Vicentin is not and can not be a witness to the company that commands the grain market, because Vicentin is just a (large) grinding company that converts grain into oil and flour. His participation in the competition never reached 15% of the sector before the presentation. “ Said.

Last week, Santa Fe Supreme Court President Rafael Gutierrez decided to intervene in Vicente’s insolvency case at the request of Avocamiento, one of the main creditors. He thus asked the competition judge, Fabian Lorenzin, to adjourn the case.

In this regard, the grain company noted that “Ratifies the trust in the institutions – especially in the provincial justice system – and that it looks forward to the renewal of the procedural deadlines to complete the accreditation of the compliance required by the Bankruptcy and Bankruptcy Act to reach an agreement with its legitimacy. Creditors. “

He added: “The suspension was set on the day before the information hearing set out in the Bankruptcy Act, Wednesday, June 22, at 5:30 p.m., in which Vicentin SAIC was to provide explanations regarding the negotiations. “His creditors, especially how he was going to reach a legal majority during the exclusivity period, and attendees could ask questions about the proposal.”