The agro supplies company hired Columbus IB. Currently, you cannot have your bank accounts, liquidate exports and collect imports.
Sebastián Calvo, the president of the firm, communicated last December that the company sought to reach an agreement with its creditors.
The situation of the signing of inputs for agriculture, Surcos, is increasingly critical. The reality is that it faces an unprecedented financial crisis marked by bank embargoes, non -payment and the reduction of its credit grades. The scenario worsened when Banco Galicia communicated a new embargo on its bank accounts, adding to other claims of creditors that literally paralyzed the company’s operation. In addition, last week, Fix reduced the company’s qualifications to D (ARG) after breach of the seventh payment of negotiable X -series obligations on January 13.
Within this framework, in a virtual meeting with investors and creditors, the company explained the reasons that led it to the breach of its financial obligations. Factors such as an adverse business context and difficulties in generating sufficient cash flows were pointed out as the main triggers. To address this situation, lThe company hired Columbus IB as an exclusive financial advisor, with the aim of attending the restructuring process of its financial debt.
From this situation, the company reported that Columbus IB “will review the projected cash flows and adjust a new business plan adapted to the reality of the market, seeking to design a proposal for integral, realistic and sustainable refinancing.”
In the rigor of the truth, from the embargoes that weigh on the accounts of furrows, Today the company can only pay wages and that puts it in a state of practically liquidation. Specifically, a commercial provider filed a claim that resulted in the embargo on bank accounts and the general inhibition of goods. Subsequently, Banco Galicia notified the existence of a new embargo on the company’s bank accounts by a financial creditor.
As they explain from the firm, they can not have their bank accounts, they also lost access to checking lines, the usual payments and charges were interrupted and they cannot liquidate exports or pay imports.
Qualification reduction
Additionally, Last Friday Fix reduced the company’s grades to D (arg) from C (ARG). The decision responds to the announcement of January 13, in which Surcos reported that it could not comply with the seventh payment of the service of the X -series negotiable obligations, defeated that same day. The qualification of the rest of the negotiable obligations in circulation remained in C (ARG). This reflects the state of default and the serious liquidity limitations faced by the company.
Last December, in a statement, Sebastián CalvoPresident of Surcos, said the company I was working on a comprehensive restructuring proposal to preserve its stability. Howeverthe panorama was complicated before a complaint of the CNV, which indicated that the firm would have issued negotiable obligations without adequately informing about its financial situation.
With the general inhibition of goods it is logical that furrows continue to add rejected checks. According to the BCRA registrationto date it accumulates 26 checks without funds for more than $ 417 million and the figure would continue to rise in the next few days.
Source: Ambito
