The company that produces and markets phytosanitary had entered default in December last year. Currently, your assets and accounts are inhibited.
The supplies for the field had entered default in December last year.
With the end of the Judicial Fair, agriculture companies that came with serious financial problems, went virtually in Manada to request from commercial justice the opening of the creditors contest. After Sancor and Los Grobo, it was the turn of Surcos, the signing of inputs for agriculture that accumulates a liability greater than US $ 100,000 million.
In a note sent to the National Securities Commission (CNV) the company justified its decision and explained that the creditors’ contest “It will allow the sustainability of the debt incurred by the company, both in terms of volume and cost and, thus, continue with the operations of the company, to continue the operations, which represents an opportunity to reorient the business in a long -term sustainable way, generate an opportunity to attract productive investment aimed at the growth of its operations, all of which will result in benefits for all actors related to the company’s business, including its creditors and employees, among others. “
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. That is why the opening of the creditors contest was a logical step that should be taken to try to float.
Within this framework, last week Surcos announced that he had hired To Columbus IB as an exclusive financial advisor, with the aim of attending the restructuring process of its financial debt.
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.
Source: Ambito
