The agro-exporter vincent requested the Santa Fe Supreme Court Justice the return of the bankruptcy to the civil and commercial judge of Reconquista, Fabián Lorenzini, “as soon as possible”. The file has been in the hands of the provincial supreme court for 8 months, with no progress towards the payment of the debt of $1,350 million to 1,700 creditors.
Vicentin’s attorney who made the presentation, Massimiliano Torcellihe recalled that these actions originated on June 16, 2022, when one of the alleged creditors of the bankruptcy (Commodities SA) presented a request for certiorari to the Court, which was processed.
On November 29, the same Court resolved to reject the request for certioraria sort of per saltum which had been requested by one of the creditor companies, the intermediary Grassi (controller of Commodities SA) which did not accept the payment proposal made by Vicentin.
With all, The defaulting agro-export company has already collected the guarantees required by the bankruptcy and bankruptcy law (LCYQ) to approve the payment proposal: half plus one of the creditors and 66% of the capital have accepted the proposed scheme to settle the debt.
In fact, if the guarantees reached in June had been approved, it is probable that the creditors would have already collected the initial contribution of US$ 30,000 for each company and part of the subsequent envisaged installments.
From Vicentin they highlighted that before the period marked by the invocation they had the majorities required by the LCyQ to declare the existence of a payment agreement, for which they ensured that “this situation and the time consumed damage the entire mass of creditors, that In the face of a possible homologation, the accepted recoveries differed over time”.
The funny thing is that Although the Court has already ruled the referral of the proceedings to the judge of origin, this decision has not been enforced by the judge himself.
In Vicentin’s presentation this Wednesday, this is underlined “The bankruptcy file has been paralyzed since June 2022consequence of a completely inopportune request, also made by someone who had a notable lack of legitimacy to act, and who hid this condition both from this Court and from the other acting judges”.
Thus Toricelli refers to the “presumed creditor” alluding to the fact that the company that filed the summons, Commodities SA, would have assigned its debt to the shareholders and therefore would no longer be a creditor. And for this reason he could not participate in this file, because the debt in favor of that company had been transferred to other companies.
Then he watches it “The suspension of the bankruptcy procedure generates a series of inconveniences that damage not only the company, but also the creditors”.
And it takes into account that “at the date of suspension of the terms there have been presentations made by the board of directors of Vicentín to carry out activities of the company whose execution required judicial authorization (for example, credit restructurings factored into the stream, asset calls to senior loan write-offsetc), which, despite the time that has passed, are still pending”.
Likewise, the judicial submission underscores this on December 31, 2022, the soybean fractions agreed with Molinos Agro SA and the Association of Argentine Cooperatives (ACA) expired in October 2021.
And it is noted that “in this scenario of uncertainty it is very difficult for the company management to get work for the plants beyond the spot business. Fazón’s buyers require certainty to put together their supply, production and sales logistics programs, which this lack of definition prevents them from consolidating”.
In particular, it has been indicated that “for the Ricardone plant, specialized in the production of olive oil, sunflowercontracts have been obtained which have allowed it to start from January 2023, but it is very difficult to obtain new business in this scenario of uncertainty”.
And they considered that a similar situation occurs with the bioethanol plant“at a time when the business has rather interesting prospects”.
Finally, by virtue of the foregoing, They asked that the main file documents be sent “immediately” to the natural judge of the bankruptcy“as ordered, in order to continue with the processing of the same.”
Source: Clarin
