The company that produces and markets agrochemicals received a seizure request from the financial firm Finlatina. Their situation worsens.
Surcos, one of the main Argentine companies in the agrochemical inputs sectorcontinues to face an increasingly delicate financial and judicial situation. The signature recently reported on the imposition of a $21.6 million embargo ordered within the framework of an executive trial initiated by Finlatina SA. This process is processed in the Civil and Commercial Court of First Instance No. 3 of Santa Fe.
In parallel, According to BCRA records, the firm led by the Calvo family, records rejected checks due to lack of funds for a total of $300 millionfurther complicating his outlook.
In an official statement, the company clarified that it has not yet been formally notified of the judicial action, but assured that it will exercise its right of defense once it receives the corresponding notification. This embargo is just the latest in a series of adverse events that have hit the company since late 2024, when it declared its inability to meet significant financial debts.
More specifically, Surcos faces unpaid maturities of securities notes worth more than US$3.5 million and more than $9.3 billion in local currency, with commitments that extend until mid-2025. The company attributes this crisis to a combination of external and internal factors, including a sharp 32% drop in phytosanitary sales during 2024, aggravated by prolonged drought and changes in producers’ purchasing habits.
In addition to financial difficulties, Surcos is the subject of a criminal process promoted by the National Securities Commission (CNV). This organization filed a complaint for alleged concealment of relevant information when issuing Negotiable Obligations, a fact that could imply violations of current criminal regulations.
As part of his attempts to stabilize the situation, as he learned Scopethe company is carrying out negotiations with its creditors to restructure its debt, which exceeds $100,000 million. These conversations include the development of a comprehensive plan that seeks to agree on new payment conditions and ensure operational continuity. In parallel, Surcos requested a Preventive Crisis Procedure before the Ministry of Labor, which could open the door to adjustments in its workforce, that is, executing layoffs without paying a large part of the corresponding compensation.
Either way, This new embargo not only complicates the company’s immediate situation, but also increases uncertainty about its ability to overcome this crisis and recover its position in the agroindustrial sector.
Source: Ambito
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