After National Government will authorize at the beginning of the year the sale of the shares to the company of American capital Arc Energy, the steel company impa SA, based in Mendozaa key week is going through their future, since they would subtract only details to formalize the process.
While the initial term that Arc Energy asked to renegotiate the debt with the creditors beat January 31, LA signature requested an extension until next Monday, February 10, with the aim of analyzing details of the agreement. However, deadlines could be anticipated and close the sale this week.
It happens that, in addition to its value, the buyer must absorb the company’s debt, which amounts to at least US $ 570 million.
The Americans warned that without a restructuring agreement they will not advance in the purchase of the majority of the share package.
The impa situation
The main creditors are the Bank of the Province of Buenos Aires, the Mortgage Bank, the BICE Bank, Export Development Canada, the Andean Development Corporation, the Bradesco Brazilian Bank, holders of negotiable obligations (ON), among others of minor porte.
Although the deadline with the expected results were not reached, from the Acquisitions Fund Industrial Investment Fund (IAF), which controls Arc Energy, they are convinced that the discussions are aimed and an agreement will be reached.
Beyond the particular situation of the company, the process is a symbol, since it would be the first privatization of the Javier Milei era, one of the main flags of its administration. For this reason, in the Casa Rosada they are eager to specify the sale, as well as the Mendoza management, in charge of Alfredo Cornejo.
At the beginning of January, the National Government explained: “The Evaluation Commission of the offers for the sale of Impsa – composed of the FONDEP of the Ministry of Economy, the Agency for Transformation of Public Business and the Province of Mendoza – decided to recommend the pre -adjudication of the shares of the company held by the national and provincial state to the IAF consortium whose main partner is Arc Energy. “
The official part published at the time indicated that “IAF offered US $ 27 million as a capital contribution subject to an integration schedule according to the needs of the company and requested a term until January 31 to obtain the refinancing of the debt that keeps the creditors of Impsa, which reaches the figure of US $ 576 million. “
The approved offer was the only one presented after a long process to achieve the privatization of the company.
“In its analysis, the Commission concluded that the conditions of suitability, economic and financial capacity of the main shareholders of IAF were accredited to comply with the capitalization that Impa and its management requires; which was maintained by the validity of the Cauration Insurance to guarantee the offer that was made; added trade.
He also indicated that “IAF must obtain the conformity of the creditors for the renegotiation of the debt and in the event that the condition is complied with, the purchase of the purchase of shares and its subsequent transfer will be made.”
How is the composition of Impsa
Commerce explained that “The capital of Impsa, a company founded in 1907, is integrated with three types of actions: class A, in the hands of the fishing family with 5.3%; class B, in the hands of the creditors with a 9.8 %;
“The decision to detach from the public sector powers is aligned with the objective of zero deficit of the national government and the non -allocation of federal resources to private companies, thus opening the possibility that the company continues the activity in a sanitized way In a market economy frame.
Impsa is dedicated to the manufacture of equipment such as turbines, cranes, reactors supplying the metallurgy, energy and technology generation sectors.
Source: Ambito
