The agroindustrial company accumulates debts for almost US 30 million with a group of local banks. Banco Galicia advances with a key maneuver.
The Los Grobo group continues to accumulate problems within the framework of the Millionaire Default that includes stock market for more than US $ 10 million, debts with banks for almost $ 30 million and checks rejected for more than $ 3,000 millionis. This week received a formal notification of Banco Galicia in his role as administrative and lender agent, which requires the immediate payment of all sums owed by the company. The notification also anticipates the execution of the guarantees linked to the financing granted.
According to the information communicated by the Agricultural Grobo and agrofines to the National Securities Commission (CNV), this action has its origin in its default for almost US 30 million with a group of creditors among which the Galicia banks stand out, Santander, HSBC, Bapro, Supervielle, Mortgage, macro and industrial. In this context, the Banco Galicia did not remain still and demanded the immediate total payment of the sums owed to the banks and highlighted his intention to execute the guarantees granted in each of the financing with the objective of recovering the amounts owed.
This means that Banks have the right to execute the goods offered as support, either through their settlement or transfer, to cover unpaid debts. TMF Trust Company, as a guarantee agent, will be in charge of administering the trust goods and allocating them to the fulfillment of financial obligations, if required.
Faced with this situation, The Grobo said he responded in a timely manner, presenting the corresponding legal foundations to seek negotiation alternatives with financial entities and thus avoid the execution of guarantees. The company also indicated that it will keep markets informed about any novelty related to the case.
In the case of AGROFINA The breaches include payments for a total of US $ 6.2 million corresponding to a debt refinancing contract signed in December 2021, and other US $ 2.7 million of a contract for the prefinancing of exports originally agreed in November 2019 . In addition, the company could not meet payments planned for January 15, which total $ 202.2 million in interest and $ 4,266.9 million in capital and interest of syndicated contracts.
On the other hand, the agricultural grrobo reported similar breaches. The company stopped paying US $ 8.5 million of a debt refinancing contract YU $ S4 million of a contract for the prefinancing of exports, both shared with Agrofina. He also anticipated that he could not comply with maturities planned for $ 258.8 million pesos in interest and $ 4,757.1 million in capital and interest associated with syndicated loans.
The truth is that The lack of agreement in the negotiations continues to generate tensions between the company and other actors in the sector, including agricultural producers and grain carriers, who expressed their discontent in the facilities of the Grobo. These claims include accusations of “asset emptying” and arrears in payments to producers who have already delivered merchandise.
In response, the group expressed its intention to continue negotiations with creditors to restructure pending payments and avoid additional legal and operational complications. However, The future of Agrofina and the Agricultural Grobo is still uncertain, marking a turning point in the Argentine agroindustrial industry.
Source: Ambito
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