The input company for agriculture continues to accumulate stock market breaches while crossing a preventive crisis procedure.
Groovesthe signs for agriculture, Face a new non -payment. This time, the company will not be able to pay the third service of interests of its Negotiable obligations (ON) for a total of $ 298,895 million, whose expiration was scheduled this week.
In a statement sent to the National Securities Commission (CNV), the company explained once again that it is going through a complex financial situation that includes embargoes on bank goods and accounts, which prevents it from facing its commitments.
The reality is that Surcos accumulates a financial liability greater than US $ 100,000 million. Of that figure, 50% corresponds to financial obligations, 14% to stock exchange promissory notes and the rest to bank debts. In addition, 75% of these commitments win in less than a year. That is why the company is expected to continue accumulating breaches in the short and medium term, since all its accounts and goods are inhibited.
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.
Background
The company fell into default at the beginning of December, when it could not face two maturities of stock market promissory notes: one for US $ 3.5 million and another for more than $ 930 million. Then, on December 23, he had formed that he had been seized for US $ 5.5 million, plus US $ 2 million in interest. A day later, the Justice of Santa Fe issued a new general inhibition of property and a judicial embargo for $ 21 million, following a demand for finlatina for a debt of $ 50 million.
On January 13, the company could not make the seventh payment of ON for US $ 69,025, and on January 20, another expiration of US $ 4 million left default. Now almost $ 300 million were added. The situation is increasingly critical.
Source: Ambito
