The two main companies of the group defaulted on million-dollar payments. The lack of agreement with creditors threatens the execution of guarantees and deepens the crisis.
The fall into default of the Los Grobo Group continues to expand to different areas of the financial sector. After defaulting on stock market promissory notes for more than $10 million and accumulating rejected checks for around $3.1 billion, now lAnd it was the banks’ turn. The Grobo Agropecuaria and Agrofina They informed the National Securities Commission (CNV) that they had also not been able to meet debt maturities for almost US$30 million with a group of creditors among which the banks Galicia, Santander, HSBC, Bapro, Supervielle, Hipotecario, Macro stand out. and Industrial.
In addition, Promontoria Holding 318 BV, an international financial firm, participates as a lender in export prefinancing contracts that are in default.
In the case of Agrofina, the defaults include payments for a total of US$6.2 million corresponding to a debt refinancing contract signed in December 2021, and another US$2.7 million from an originally agreed upon export pre-financing contract. in November 2019. In addition, the company reported that it will not be able to meet payments scheduled for January 15, 2025, which total $202.2 million pesos in interest and $4,266.9 million in principal and interest from syndicated contracts.
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For its part, Los Grobo Agropecuaria reported similar non-compliance. The company stopped paying US$8.5 million of a debt refinancing contract and US$4 million of an export pre-financing contract, both shared with Agrofina. Likewise, it anticipated that it will not be able to meet scheduled maturities for $258.8 million pesos in interest and $4,757.1 million in capital and interest associated with syndicated loans.
In this framework, the lack of agreement in the negotiations with the creditors led to the activation of the guarantee mechanism associated with the contracts. This means that the Banks and Promontoria have the right to execute the assets offered as backup, either through liquidation or transfer, to cover unpaid debts.. TMF Trust Company, as guarantee agent, will be in charge of managing the trust assets and allocating them to the fulfillment of financial obligations, if required.
Meanwhile, Both companies confirmed that they continue in talks with their creditors to reach a solution that allows them to restructure pending payments and avoid further legal and operational complications.. However, the magnitude of the amounts involved, which amount to US$21.6 million dollars and $9,485 million together, reflects a critical panorama for the Los Grobo group, which puts its financial sustainability and its relationship with the banking system in check. .
Producers protest
The truth is that the conflict is escalating beyond the financial sector. This week a group of agricultural producers and grain transporters gathered at the entrance to the Los Grobo collection plant located in San Miguel del Monte to demand owed payments. In parallel, They denounced that the company was carrying out “an emptying” by removing grains at dawn, while not meeting its financial obligations with the producers who delivered merchandise. The situation is increasingly critical and does not seem to find an exit point in which the primary sector is seriously affected.
Meanwhile, Company sources consulted by Ámbito detailed: “We categorically deny the emptying of the company. It is wrong information. There is absolute availability of grains that cannot be distributed momentarily at the San Miguel del Monte Plant, due to truckers who blocked said plant due to other claims that have nothing to do with the distribution of grains that is carried out normally in both San Miguel and in the rest of the company’s plants.
On the opposite sidewalk,The producers deny the company’s statements and at this time they are organizing an assembly at the door of the collection plant to discuss the steps to follow. The reality is that the scenario is increasingly complex and the farmers who delivered are the weakest link in the chain.
Source: Ambito
I’m a recent graduate of the University of Missouri with a degree in journalism. I started working as a news reporter for 24 Hours World about two years ago, and I’ve been writing articles ever since. My main focus is automotive news, but I’ve also written about politics, lifestyle, and entertainment.
