Livestock connection convened a new meeting for its investors

Last Tuesday, the company had a meeting with the investors, where more than 100 people participated in a meeting that lasted about 6 hours. The objective of the firm was to generate an exchange of information with its main investors and, in turn, prevent the company from entering Contest of Creditors On Thursday they also held a virtual meeting with 4,000 investors and the company authorities.

There, the company authorities informed their investors of the financial situation. From the firm, they recognized that they have losses for 250 million dollars and admitted that they are going through a “difficult” patrimonial situation.

“The situation that was transmitted to investors is that today Livestock connection It is with a liability of 400 million dollars in terms of investments and money from investors, and an asset that is around 150 million dollars, both in head of cattle and in credits To charge, “said investor lawyer, Sebastián Dotta.

At the end of the meeting, the conclusion was concluded between the Investors and the company not to fall into a creditors and to be able to negotiate a private agreement. On the other hand, from the firm they requested a “waiting beat” of 60 days without making criminal complaints.

New meeting

After the meetings, the intentions of some were known Investors to issue a criminal complaint against the company and its director, Pablo Carrasco. On the other hand, precautionary measures such as the closure of the borders for the Director are analyzed while the investigation takes place, as well as the possibility of claiming the Central Bank (BCU) Measures related to the freezing of bank accounts, among others.

In this context, from the company they called a New virtual meeting That finally did not happen. However, this Sunday Carrasco called a new meeting through a letter that circulated through WhatsApp. “Last Thursday, January 23, I expressed my disagreement in performing the streaming that was planned, disagreeing in essence, with the message that was intended to be sent to you and public opinion. Everyone knows that I did not take care of Financial Management From the company, therefore, I felt and I feel, absolutely surprised with the first results of the survey, “says the letter.

“Last Thursday, January 23, I expressed my disagreement in carrying out the streaming that was planned, disagreeing in essence, with the message that I intended to be sent to you and public opinion. Everyone knows that I did not deal with the financial management of the company, by So much, I felt and I feel, absolutely surprised with the first results of the survey, “he adds.

“Without leaving that aside I expressed, what I reiterate and my will of absolute Crystallinity and professional audit, I understand a communication, (streaming) to keep them informed. I have been informed of the will and organization already advanced, of a group of investors that, prior to any judicial intervention, have stated immediately in a planning regarding the assets of the company. I must express that, beyond the judicial instances That they correspond, I do not oppose the participation of organized investors, requiring that this is also coordinated, with the essential professional audit, ”he says.

On the other hand, he highlighted his intentions to actively participate in the transition. “I compromise my greatest effort, personal and technical that is required, for the transition Of what was always my only task in society, (in companies), that is, the organization of the care of cattle in fields to charge that our organization. Know investors that from the date, they can only deliver cattle with “Judicial Order”They will understand that it is the form that offers everyone, so my personal apologies are already provided. We understand that the resolution in this regard would occur within a period not too extensive, ”he adds.

“Therefore, they will make the presentation they propose and, even in discrepancy, and pointing out some concepts, he accepted that said communication be made on Tuesday 28 at 18.00 hours,” he concludes.