The Fitosanitary Company accumulates debts for more than US $ 100 million. Two months ago he entered default for breaking with stock market promissory notes.
Surcos, the national capital firm that has its business focus on the production and marketing of supplies for agriculture, formally entered into a preventive competition of creditors, after the approval of the commercial justice of the province of Santa Fe. At the moment The company has debts for more than US $ 100 million and faces a critical situation after breaching with various stock market promissory notes, while it was criminally denounced by the National Securities Commission (CNV) for the alleged commission of the crime of deception to investors.
Surcos entered default two months ago after breaching a stock market for US $ 500,000, from that moment everything was downhill because it not only continued to lack their financial commitments but also their bank accounts were seized by creditors they were looking for charge. Currently, the company has unpaid stock exchange promissory notes for around US $ 3,50 million and $ 9.3 billion. Besides, According to a report prepared by the IEB Group, the debt in negotiations (ON) obligations adds US $ S63.1 million with expiration between January 2025 and May 2027, so it is expected that its debts are enlarged in the medium term. In addition, according to the BCRA debtors record, the Santa Fe company has 174 checks rejected due to lack of funds for just over $ 1,494 million.
In this framework and within its strategy to move afloat, The company shortly before requesting the creditors contest, requested the opening of a crisis preventive procedure (PPC) through which it sought to drastically reduce its labor campus but paying compensation in installments and much lower than stipulated by law. So far it executed more than 50 layoffs and that figure would also continue to grow in the short term.
Either way, From Surcos they are hopeful regarding the future of the company. Immediately, they look for a commercial partner who applies to their operation, But the reality is that another firm of the business of the phytosanitary, as is agrofine, looks exactly the same and that complicates the scenario.
At the moment, Surcos has two production plants in Florencio Varela (Buenos Aires) and Recreo (Santa Fe), and a network of 14 deposits and 10 distribution centers throughout the country. The company exports to markets in the region, such as Uruguay, Paraguay, Bolivia and Colombia, and its portfolio includes more than 100 products, standing out in the herbicide formulation, which represent 70% of its sales.
Source: Ambito
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