Vicentin gathered most of the lenders for a repayment agreement and sought the endorsement of the banks

The agro-exporter Vicentin exceeded 50%+1 of the capitations (lenders), one of the requirements established in the Contest and Bankruptcy Law to reach a repayment agreement for a debt of US $ 1,350 million. Now, the goal is to get the guarantee of 66% of verified capital, a scenario in which banks will decide..

“The reception has come from over 811 verified lenders“in preventive competition, the Vicentin board indicated in a statement released Wednesday. And they expressed confidence that” regardless of reaching the formal required number, adhesions will continue to increase in the coming weeks to reach more significant consensus.

They describe the step as “demonstrating that the proposal presented by the company has been able to meet the expectations of most lenders, whether they are warehouses, commercial or financial”

All included, they assume that other key components of the legal requirement are still missing. In this sense, Vicentin’s board assured that it will continue to consolidate the search for approval in the financial sector. “We are optimistic-they said-that the necessary approvals will be achieved to fulfill the second majority required in the bankruptcy process, which means reaching 66.66% acceptance of the proposal in relation to that- verify capital “.

This process takes place within the framework of the extension established by Vicentin insolvency judge, Fabián Lorenzini, which extended the “exclusivity period” for the company to reach an agreement to repay its debt to 1,714 people and companies. The term expired on March 31 and it was extended Until June 30.

To decide on the extension of time, the magistrate considered that the raids and the number reached today confirms their understanding.

In sum, the magistrate considered the possibility of not reaching sufficient agreements and established for July 13 (just two weeks later) the start of a finally cramdown season.

Thus, Lorenzini argues, “an adequate harmony of conflicting interests is achieved because, while the bankrupt company is given a reasonable opportunity to obtain the support of its creditors (and without affecting such a process), progress has been made in the concrete preparation of the alternative scenario”.

Banks will have a higher haircut than producers

In this sense, in order to reach 66% of the required compliance with verified capital, the decision that banks will make will be key, which represents 66.94% of the credits, and to whom Vicentin offered them a payment offer with discounts of up to 80%.

In this regard, Lorenzini said in his resolution in March that “IFC and FMO banks have expressed their approval of the extension request, explaining that they have initiated the bureaucratic process to achieve its formal presentation on file. this. ” And the magistrate stressed the importance of the promise Vicentin assumes to make final adaptations of the proposal ”, before this Friday the 29th“ as a deadline ”.

That was also reflected the workers gave a favorable opinion on the extension of the termas well as the Receivership and the auditors, while Banco Nación is “opposed to the extension, repeating earlier statements.”

Among the various steps included in the resolution, Lorenzini called an informative hearing for June 22, beginning at 5:30 p.m.. In addition, it extended the ordered judicial intervention, until July 31, 2023.

and established 4 requirements for applications in the rescue process:

1. They should explain the management composition that will face Vicentin SAIC according to their proposal.

2. A business plan that should be established on data obtained in accordance with information previously obtained and/or from any other source of information, accounting for it and should take into account the entire manufacturing complex of the company, including facilities. industry of Avellaneda, Santa Fe.

3. Applicants must demonstrate solvency by demonstrating sources of financing dedicated to the operations to be developed, ensuring in an exclusive manner, the continuity of current sources and employment.

4. To formalize the registration in the bidder register, a deposit must be made, the amount and currency of which will be established in due course.