The firm for inputs for the field is embargoed and its assets are inhibited. He could not meet the due dates of his ON XI.
The input firm for the Surcos field cannot get out of its labyrinth. This week he informed the National Securities Commission (CNV) that It could not meet maturities for US$4 million, while it added rejected checks for more than $356 million.
The crisis that the national capital company, led by the Calvo family, is going through is getting deeper and deeper. Since its first non-payments, it has been seized and its accounts are frozen. In this context, this week he announced that he was unable to pay the sixth service payment of the Negotiable Obligations seriesboth due dates that had to be canceled this Monday.
Surcos’ situation is more than complex. While its creditors pressure to collect, the company was also unable to reach an agreement to refinance its liabilities and that today seems practically a utopia.. In parallel, it requested the opening of a crisis preventive procedure with the aim of reducing its workforce, but with a more than considerable reduction in the payment of compensation.
Last December, in a statement, Sebastian Calvopresident of Surcos, assured that the company was working on a comprehensive restructuring proposal to preserve its stability. Howeverthe panorama was complicated by a complaint from the CNV, which indicated that the firm had issued Negotiable Obligations without adequately reporting its financial situation.
The phytosanitary market in Argentina, valued at approximately US$3 billion, experienced a significant contraction last year, affecting all companies in the sector. Surcos, with a market share close to 4.5%, reported in its last fiscal year that its sales had fallen by 32%.
Rejected checks
With the general inhibition of goods, it is logical that Surcos continues to add rejected checks. According to the BCRA registryto date it has accumulated $356 million and the figure would continue to rise in the coming days. That is why The market speculates that sooner rather than later the firm will seek to open bankruptcy proceedings.
Something similar is going through the Los Grobo Group, which not only accumulates stock market defaults, but last week also defaulted with a group of banks for almost US$30 million. In this framework, according to the BCRA debtor registry To date, Grobo Agropecuaria has rejected checks for just over $2,000 million, while Agrofina has accumulated another $1,700 million.
Source: Ambito
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