Lucia Salinas
03/29/2021 17:34
Clarín.com
Politics
Updated 03/29/2021 5:34 PM
The Macri family, owner of Socma SA -controller of Correo Argentino SA-, seeks to save that company from bankruptcy.
In a hearing held within the framework of the bankruptcy of creditors, the business group
made an offer to cancel 100% of the verified debt to its main creditor
: the national State.
The amount he estimates is
one billion pesos.
Former President Mauricio Macri maintains that the judicial case over the Argentine Post's debt with the State -statified in 2003 during the presidency of Néstor Kirchner-, responds to a "political persecution" with the sole purpose of advancing on him, his children and
extend the bankruptcy to Socma
, the empire built by his father, Franco Macri.
On the other hand, Justice maintains other arguments: when Mauricio Macri was already in the Casa Rosada, the Government and the company reached a payment agreement, according to which the Macri Group had to pay 300 million pesos in 15 years, with a 7% interest rate.
The prosecutor
Gabriela Boquín
rejected this proposal as
"ruinous, abusive"
and whose "irregular acceptance seriously damages the patrimony of the national State."
He said that the debt was
70,000 million pesos.
While federal justice is investigating whether the agreement was abusive and damaging to the State coffers, in the Civil and Commercial jurisdiction, Judge
Marta Cirulli is
advancing with what is known as
crown down
(rescue process).
This instance begins when the bankrupt does not reach an agreement with its creditors, then they and interested third parties are given the possibility to make an offer to keep it operational.
Within the framework of this process, the Socma Group made an offer on Monday.
Last week, based on a report from the Sindicatura that responded to the query from the "cramdistas" Transporte Chimiray SRL and Carlos Mariano Moiraghi, and from Correo SA itself, from Socma they maintained that by applying the rate mentioned by the Sindicatura for the readjustment As
of February 28, 2021, the debt was 1,011,610,941.75 pesos.
The General Trustee has stated on various occasions "that the readjustment of the verified credit of the National State must be conformed in accordance with the parameters established in the Concession Contract."
In other words, if both parties had already anticipated and agreed on what the adjustment mechanism would be in the event of non-compliance, "these are the criteria that - according to this opinion - should be applied."
With those numbers on the table, Socma made a new offer where category A creditors, that is to say,
the State "are offered the full payment (100%-hundred percent) of the verified
or declared admissible
capital
, plus their calculated interests. at the contractual rate resulting from the verifying sentence from the filing in bankruptcy and until the date of effective payment ".
In the event that the guidelines on the accrual of interest already established by the general receivership are questioned - the letter continues - "the sum resulting from the final settlement arranged in court will be paid. The payment will be made in a single installment due at 30 days after firm approval of the preventive agreement has been acquired ".
Based on the numbers analyzed by the company,
the recognized debt would be 1,000 million pesos, and it offers to pay it in full
.
Next Wednesday, Socma's lawyers must present the conformities, and
the public prosecutor's office and the Treasury Office, in charge of Carlos Zannini
,
must decide on the offer.
If the offer is not satisfied and the salvage process does not advance, the next instance for Judge Marta Cirulli will be to
decree the bankruptcy of the Argentine Mail.
The
cram down
began when in 2019 the State rejected the last of the proposals that the company had made to avoid the rescue process, which Socma understands is the prelude to decreeing bankruptcy.
That proposal consisted of
the cash deposit of 296 million pesos 30 days after the agreement was approved
.
In addition, it offered an update on the interest on the debt, but linked to the payment by the State of some of the lawsuits filed by the Post for the confiscation of the signature in 2003 by Néstor Kirchner.