He Bank of the Argentine Nation (BNA) and the Federal Administration of Public Revenues (AFIP) contested this Tuesday the preventive agreement presented by the agro-exporter Vicentin for the payment of the debt considering that it is “abusive” and violates the principle of equality of creditors.
Judge Fabian Lorenzini declared the existence of an agreement on April 17, after the company filed a payment proposal to its creditors that it meets the conditions established by law, and gave a period of 10 business days for the formulation of challenges.
In the text presented before the Reconquista court, the AFIP He bases his challenge on three points, according to the agency.
On the one hand, considers the proposal “abusive”“because the same implies a write-off of approximately 71% of the credit in nominal terms, and up to 79% in real terms”.
Secondly, the AFIP considers that Vicentin’s proposal incurs in “violation of the principle of equality of creditors.”
According to the tax body, the proposal “provides for an initial payment of $30,000 to each and every one of the creditors, clearly benefiting those who have a credit equal to or less than that amount for the total recovery of their debts and harming the rest of the mass of creditors with a greater amount”.
Finally, it indicates that in the default of the agro-export company there was “concealment of assets, linked to the simulated sale of 16.67% of Renova SA, 48 hours before Vicentin SAIC publicly declared its own default, which implied the exit of 14.41% of all the (known) assets of the debtor’s patrimony, which is a common pledge of the creditors”.
Banco Nación also questioned the proposal
For its part, the BNA reported tonight that it also challenged the proposal as “abusive and fraudulent” and considers that “it does not respect the principle of equality of creditors since it establishes the payment of an amount that is insignificant for Banco Nación.” that verified credits for US$300 million.
“Of the privileged debt, they offered to return US$225 million in 56 years, without interest. And of the unsecured debt, they propose to make a reduction of 80%, that is, of 72 million, they would return 15 million”the BNA said in a statement.
In addition, he added that “it is a violation of the principle of universality of the process, since it contemplates an arbitrary division of assets into two blocks: one of high productive value destined for creditors called strategic stakeholders?, and another of low value for the rest of the creditors.
The payment proposal presented by Vicentin to the judge with the agreement of the majorities required by law also has as an obstacle that for its implementation it implies the sale of 33% of the shares that he still holds in Renovaan operation that is interdicted by two criminal judges from Rosario who accused the company’s board of directors for alleged fraud.
In these cases, the judges issued measures not to innovate in relation to the disposition of the assets and shares of the companies that make up the group.
For the BNA authorities, “with the proposal to remove 80% of the debt, the right to property is also violated.”
In addition, it “contemplates the conversion into dollars of all unsecured credits (even those verified in pesos), which harms the original creditors in US$” such as the state entity itself.
“This proposal is not a solution but rather, on the contrary, it means harming the bank’s assets of all Argentines, and it does not guarantee the continuity of the company either,” the bank stated.
After the presentation of the challenges, Judge Lorenzini must decide whether to endorse the payment proposal presented by the company or reject it and enable the rescue mechanism, judicial sources said.
Source: Ambito
