The president of Banco Nación (BNA), Silvina Batakisstated this Tuesday that the entity is “working” on a proposal to acquire shares of the agro-export cereal company Vicentin, creditor of a debt of almost US$1.5 billion.
Batakis clarified that the offer that the bank will make could be “associated” with some other State entity, and that “it would not be for 100%” of the shares. “We have been working. This week we are going to be full on that. I wouldn’t like to anticipate anything because we have to technically see all the possibilities we have, but what we definitely don’t want is for the company to be dismantled,” Batakis indicated this morning in dialogue with Radio 10.
Last Friday, the civil and commercial judge of the second nomination of the Santa Fe city of Reconquista,Fabián Lorenzini, signed the resolution that rejects the approval of the agreement presented by Vicentin to exit the preventive bankruptcy.
As part of the ruling, Lorenzini ordered the opening of the concurrence period, also known as ‘cramdown’ or rescuewhich came into effect from yesterday until the end of this month and which opens the possibility of the presentation of offers from those interested in managing the company, including the bankrupt company itself.
Vicentinthe main agro-exporting company with Argentine capital, went into default in December 2019 and the following March requested its preventive bankruptcy, with verified credits for almost US$1.5 billion. “It was a debt that was a huge scam for Banco Nación. The previous management, knowing that Vicentin was going bankrupt, lent it US$300 million”Batakis recalled.
The firm’s proposal to BNA, the main creditor, was not satisfactory as it contemplated a payment “56 years old with capital reduction and no interest”said the official.
“The judge said that this offer is not good and now the exclusivity period ends, that is, in the first part only the company could make an offer (to manage it) and now it is no longer exclusive. The State and other private companies can make offers to stay with the company and take care of its debts,” he explained.
Batakis highlighted the need for a rescue Vicentin for the large number of “direct and indirect workers” it has, as well as the fact that it is “a flagship of Argentina and our agricultural sector.”
Furthermore, he did not rule out that it fulfills, in the hands of the State, a function as a witness company, but clarified that this will depend on how the share package turns out. Anyway, Beyond the BNA, he said that “there are other companies worldwide that want to stay with the firm and will make proposals.”
And he also recalled that there were “informal offers” previously that “wanted to keep a small part of the company, sending the rest to be scrapped.” “If none of the proposals are accepted, the bankruptcy will continue, which would be a shame for everyone,” he warned.
At the same time, in statements to Radio Provincia he stated that its emptying “It was a big scam”because “it was one of the largest companies in the world in agri-food matters and when it was known that it was going to go bankrupt, Banco Nación granted it US$300 million in credit” under the previous management.
In this context, he said that “the offer that the company made to get out of bankruptcy with all the creditors was to pay a portion of the resources to many creditors and reached the amount required by the bankruptcy law, which it was going to pay in 12 years. “.
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However, he emphasized that “That was not proportional to Banco Nación because it offered a reduction of the debt and to pay it in 56 years, without interest.”
Therefore, he maintained that “the entity contested that offer because we cannot allow a new scam on the public bank of Argentina.”
He explained that “The judge in the case ruled that the offer was not correct because there was not equal treatment between the parties and opened a 10-day concurrence period, where anyone can make an offer, settle with the creditors and keep the company running. “.
He then stressed that “our expectation is that the company continues to operate because it knew how to be the most modern, there are many workers linked to the sector and Argentina has enormous potential.”
Source: Ambito
