Vicentin: the international banks have accepted the payment with withdrawal and there would be an agreement in the tender

One day before the deadline regardless of whether or not they accept your payment proposal, the agro-exporting company Vicentin managed to convince international banks to guarantee a spread of almost 80%in the debt that amounts to 1,573 million dollars among the 1,727 creditors.

So the necessary compliance of 67% of the capital due was achieved, as established by the Bankruptcy and Bankruptcy Law. This is one of the requirements for the approval of a judicial settlement. The other was reached two months ago, with the approval of the majority of creditors; in that case with more than a thousand members so far.

The Santa Fe company pointed out that this shows that the proposed proposal has “support with a categorical majority” and that “it was intended by well-meaning actors, linked to the bankruptcy process, such as the best alternative to ensure the continuity of production operations and sources of work “. In this sense they have taken it into accountthe extremely complex country context that exempts further analyzes and comments “.

Vicentin became Argentina’s 4th largest exporter, was declared in “financial stress” in December 2019 and In 2020 it led a high-voltage political dispute, with massive demonstrations by citizens in different parts of the country, after the government announced its state intervention.

Then that idea was shelved, but weeks ago the president Alberto Fernandez still expressed on intention to convert Vicentin into a “witness company of the grain market”.

The renewed presidential initiative was based on the fact that the president of the Supreme Court of Justice of Santa Fe, Rafael Gutiérrez, ordered the filing (referral) of the file who since February 2020 has been tried by judge Fabián Lorenzini. This Monday, Vicentin filed an appeal for revocation and asked for the case to be returned to the Lorenzini courtbased in Reconquista, north of Santa Fe,

It is not yet clear how the judicial process will proceed, why Gutiérrez has ordered to suspend the terms when the competition has entered the definition phase, towards the end of the “exclusivity period” in which the debtor presents a payment plan. That deadline expired tomorrow.

The Vicentin council highlighted that it had “fulfilled in time and form the requests provided for in the context of its insolvency procedure, reaching both majorities “.

Now they hope that the payment agreement will soon be judicially approved. This “would allow to implement, immediately, the first payments committed “.

They reflected that “the payment proposal seeks to mitigate or resolve the financial difficulties that this situation has provoked hundreds of small producers “, and stated that in this way” they will recover in this case the majority of the capital owed to them “in reference to the payment of 30 million dollars offered by Vicentin to each of the creditors, who it will fully repay the debt to small-scale producers“.