In the next few days, the provincial court will have to finish deciding whether to absorb the contest, but the mere fact of having intervened in it and displaced Judge Lorenzini marks a new course in what would be the future of the agro-export company. It is that until now the only rescue plan came from the hand of the multinational agro-export company Viterra, who associated with the also foreign Bunge and the local ACA to try to take control of Vicentin with a smaller outlay of money and after the company’s board of directors offers a debt relief to Banco Nación of no less than 80%.
Specifically, the agro-export company made a payment proposal with a strong reduction of the debt incurred, not only from Banco Nación, and the entry as “strategic investors” of the Association of Argentine Cooperatives (ACA), Viterra (former Glencore) and Bunge Argentina. , which replaced Molinos Agro, when the firm decided to stop participating in the process.
“It is essential to prevent fraud. Vicentin’s proposal implies validating the fraud and a reduction of 80% in net present value of the credits that Banco Nación has. Bearing in mind that Banco Nación belongs to the whole of society, validating this alternative is an attack on the collective heritage”, the president of Banco Nación Eduardo Hecker stressed a few days ago. Finally, the official recalled that the bank “expressed his opposition to the proposal and made all the necessary efforts to avoid foreignization, the scrapping of the company and the loss of jobs.”
Along the same lines, last week, one of the main granary creditors of Vicentin’s contest, the head of the firm Commodities SA, Mariano Grassi, stated that “it is very difficult” for the company “to continue working without the State accompanying” .
The creditor of the agro-export company clarified that the State “is not here to put a lot of dollars into Vicentin”, but rather it was inclined to “capitalize its debt and have a shareholding”, as it has in other private firms.
Grassi’s proposal is along the same lines as that made days ago by President Alberto Fernández, who said that the cramdown offers “a possibility” for the State to have “a witness company that orders the market” agro-export and food production .
Source: Ambito
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