The crisis unleashed by the defaults of Los Grobo, Agrofina and Surcos generated immediate reactions in other firms that seek to reassure investors.
After the default of Los Grobo, Agrofina and Surcosother agricultural companies that issued debt to finance themselves through Negotiable Obligations are acting quickly to demonstrate their economic solvency and calm both investors and the market in general.
This week, The National Securities Commission (CNV) went further and requested from several agro-industrial companies a schedule of maturities and detailed financial data to anticipate possible future problems.. In this context, the Holding Arecowhich controls Special Grain and Petroagro—both issuers of Negotiable Obligations—, was the subject of a request by the CNV. In response, the company stated that “they do not foresee any problems with respect to their ability to honor their obligations.”
The truth is that, Currently, both the market and the agroindustrial sector look with distrust at companies that traditionally resorted to financing in the capital markets and that had never defaulted on their debt commitments. This scenario is leading many firms to detach themselves from the default of Los Grobo and Surcos, transparently showing their financial statements, which are public information available in the CNV.
For case, Another giant in the sector, Rizobacter, part of the Bioceres Group, was also singled out for its high short-term debt maturities. In response, this week it took a measure to reassure the market: it repurchased Negotiable Obligations (ON) in the hands of investors. Specifically, it was the ON Series VIII Class A, for a nominal value of US$2.7 million. After the buyback, that debt will be canceled. “Once the partial cancellation of the ON Series VIII Class A that are in the possession of the company has been carried out, and considering the payment made on August 10, 2024 corresponding to 25% of the nominal value issued, the residual value will amount to US$12 .29 million”, they explained from the company.
According to market analysts, in the coming weeks other companies, both large and SMEs, will report their financial situation and payment capacity to the CNV. These actions seek to calm not only investors, but also suppliers and customers, who are on alert after the fall of Los Grobo.
What’s next
For now, Checks from the Los Grobo Group continue to bounce, according to the records of the Central Bank of the Argentine Republic (BCRA). Until this Friday, Los Grobo Agropecuaria accumulated 15 rejected checks for more than $1.9 billion, while Agrofina had 8 checks for a total of $1.465 million.
The reality is that, so far, there is no concrete progress in the negotiations that the company is carrying out with its creditors. As the first negative sign, this week it also reported that it will not be able to meet bank debt maturities for almost US$30 million.
Another key aspect is that neither the majority partners—the investment fund Victoria Capital Partners—nor the minority partners, led by Gustavo Grobocopatel, have fulfilled their promise to make a capital contribution. Given this situation, everything seems to indicate that the most viable solution for the group would be the presentation of a bankruptcy proceedings or, even before, a crisis preventive. to reduce its workforce. The cards are already cast; All that remains is to wait for the next movements.
Source: Ambito
