At the same time, the magistrate left open the possibility of a new extension by stating that the one established in the resolution, signed yesterday, is “Without prejudice to timely evaluating an additional extension, according to the evolution of the process and in consultation with the Committee of Creditors and the Intervention” of Vicentin.
The new extension of the exclusivity period – the second requested by the bankrupt – had the endorsement of the creditors and the Technical Board, made up of a group of them, according to the resolution.
Vicentin requested a new extension after his proposal to pay the debt with a 70% reduction and within a period of 15 years – which included an acknowledgment in dollars and the payment in a single installment to smaller creditors – did not achieve the majority acceptance.
Last November Lorenzini rejected this proposal as “abusive” and asked him to prepare a new one, in a “reasonable way”, while again demanding that he prepare a “Crisis plan” and another on “business reorganization”.
At the same time, the agro-exporter continues to negotiate an agreement with Molinos Agro, the Asociación de Cooperativas Argentinas (ACA) and Viterra (from the Glencore group).
As it transpired, the proposal of the three investors consists of a capital contribution for the exit of the bankruptcy but in installments, such as the payments proposed to the creditors.
In that period, the companies would continue to operate at the processing plants of Vicentin del Gran Rosario, which would allow them to face the debt with the economic result of the operation of the docks of the bankrupt.
In its resolution, the judge also asked the bankruptcy receivership “to carry out a tentative schedule of the period of Competition or Salvage provided for in article 48 of the Bankruptcy and Bankruptcy Law.”
It established that “this scheme must be presented in the file until February 28, 2022” and that, in the event that Vicentin does not reach an agreement with the creditors during the exclusivity period, the process will begin on April 1 salvage.
A group of more than 70 Granarian creditors of Vicentin made public the constitution of a trust 15 days ago with the aim of participating in an eventual “crown down” of the company, for which it even appointed a bank as a financial advisor.
The salvage procedure, provided for in the Insolvency and Bankruptcy Law, allows creditors or any interested third party -once the exclusivity period has expired- to present a proposed agreement to give continuity to the bankruptcy.
Source From: Ambito
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