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In campaign and unlike Vicentin, Fernández promised help to Molino Cañuelas

2021-09-07T01:40:25.030Z


The President said that the company in default took on a "very large" dollar debt. The government had already helped her in February.


Juan Manuel Barca

09/06/2021 21:21

  • Clarín.com

  • Economy

Updated 09/06/2021 21:21

A few days before the elections,

the President promised that he would help Molino Cañuelas to face the debt of more than US $ 1,300 million

that he maintains with 35 banks, including two state-owned ones.

In this way, he sent a friendly signal to the main flour producer in Argentina,

in contrast to the failed expropriation of Vicentin

promoted last year.

"We live in very difficult times, the other day I saw a food company that is having a bad time, it got into debt, a very large debt in dollars, we

must try to see how we help it, the entire industry must be taken care of in Argentina

, one of the Creditors is Banco Nación, AFIP is there, everything that can be done to help,

"Alberto Fernández

told El Uncover radio.

The Navilli family business, known for its 9 gold biscuits and Purity flour,

filed for bankruptcy last week on Industry Day

.

The firm created in Córdoba tried to reach an agreement with the financial entities involved, but the legal claims of some private banks the opening of the contest.

Among the main creditors are Banco Galicia (US $ 38.5 million), Banco Nación (US $ 60.5 million), HSBC (US $ 45 million), Santander Río, (US $ 36 million), Banco Provincia ( US $ 34 million) and BBVA Banco Francés (US $ 24 million).

If

the debt of the whole group is added, the state bank represents about 11% of the total debt

.

Fernández's sayings caused 

surprise in some offices

,

where they were unaware that measures were being worked on

.

The same had happened in June of last year when the President confirmed the intervention by decree of Vicentin and then expropriated it through a bill.

However, official sources marked differences with the Santa Fe agribusiness group.

"

The situation of Molinos Cañuelas is different from that of Vicentin, they never defaulted the commercial debt

, so their production chain remained active, and the workers and suppliers continued to collect. They state that they had difficulties and that they

want to reduce debt and continue operating, there is no emptying or embezzlement

", they indicated in the government.


Today,

Banco Nación is the main national financial creditor

of the company chaired by Aldo Navilli, with 3,000 employees and 15 plants in 6 provinces.

The entity headed by

Eduardo Hecker loaned the group US $ 110 million

, almost a third of the US $ 300 million that the cereal company of the Padoán and Nardelli families received from the organization.

Out of a total debt of US $ 1,400 million, 

Vicentin's liabilities with the Nation came to represent 25% of the bank's equity.

After Hecker's arrival, the entity reduced the level of exposure

with a single company

to 5%

(computable equity liability), below the 15% limit set by the Central Bank, and maintained it

with Molino Cañuelas

.

The firm was one of the

 beneficiaries since 2007 by the subsidies to the milling industry

administered by the Secretary of Commerce, Guillermo Moreno, and the head of ONCCA, Juan Manuel Campillo.

But

the devaluation of 2018 and 2019 in the management of Mauricio Macri complicated the flour giant

, which, like Vicentin, was financed with loans in dollars.

"It is not the same for me that someone is left on the street, a person who is unemployed is one more concern that I have,

we are not here to let our companies fall and close,

" said the President on Monday.

It would not be the first time that the government has helped the firm: in February it awarded $ 18,613,919 in Repro to pay part of the salaries of 2,073 workers.


Look also

The president of Morixe criticized Molino Cañuelas for managing his debt

Molino Cañuelas: unpayable debt and a proposal that was unacceptable to creditors

San Miguel and Santander issued the first sustainable NO in the country and obtained US $ 50 million

Source: clarin

All business articles on 2021-09-07

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