03/09/2021 18:15
Clarín.com
Rural
Updated 03/09/2021 18:15
The Banco Nación, one of the main affected by the Vicentín bankruptcy, considered the initiative presented by the affected producers, cooperatives and collectors “very positive”.
They also agreed that it will
allow the Santa Fe cereal company to recover
and reduce the millionaire debt that this business group maintains with banks and the rest of the creditors.
Eduardo Hecker, president of Banco Nación, explained that the producers' proposal is based on three pillars:
the recognition of debts for all the actors involved
;
the separation in the management of the company from those who led it to default and the participation, together with the producers, of the provincial and national State in the search for a sustainable solution over time and that allows
the recovery of production and jobs job.
"From now on, it is only a starting point and we must work on the specific points of the proposal," Hecker remarked, and anticipated that
Banco Nación would be willing to finance originating producers
- as in fact it has been doing in some cases- if that initiative advances.
Other creditors of the public banks, such as the Banco Provincia de Buenos Aires, the Ciudad and the Bice, did not officially pronounce on the proposal but there is consensus that it is a viable plan, they assured from the Nation.
Vicentín's debt with the four public banks
exceeds US $ 500 million.
The producers' initiative was presented on February 25 and
was signed by more than 70 agricultural firms
in the region that, together, add credits of more than 120 million dollars.
Later, collectors, cooperatives and operators of the Rosario Stock Exchange joined.
The
main points of the proposal
that, for the originating producers, represents the “only alternative” to get Vicentín up and running again, are the following:
-
Capitalize a large part of the credits
that the loss of participation of current shareholders will generate.
-
Payment plans
, for those who do not capitalize, with deductions or waiting.
-
Agreements with grain creditors
to ensure supply.
-
Agreements with financial creditors
to ensure working capital.
-
Separate the current directors and shareholders from the decisions and management.
The proposal also highlights the importance of a significant portion of creditors capitalizing their debts and committing to provide grain and working capital.
"In the existing situation, it is economically unviable for a new shareholder to contribute the necessary working capital to start up the Company and
also cancel the liability,
" they explained from the Nation.
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