2023-05-03 14:25:53
The Banco Nación Argentina (BNA) challenged the payment proposal of the Vicentin company, the agribusiness that has been calling creditors since February 2021, as “abusive and fraudulent”.
The bank rejected the preventive agreement of creditors certified by the Reconquista judge, Fabián Lorenzini, and stated that -with his actions- the Santa Fe cereal company exposed “malicious and unlawful conduct.”
The agreement was going to allow paying debts and proposing a future scenario for the operation of the industrial plants and the 1,200 direct employees of the firm that declared itself in financial stress on December 4, 2019 and in 2021 certified debts before more than 1,727 creditors. for US$ 1.1573 million.
In this regard, the BNA questioned Vicentin’s proposal, in the following terms.
● Considering that the debt with the entity reaches almost US$300 million, the proposal does not respect the principle of equality of creditors since it establishes the payment of an amount that is insignificant for Banco Nación.
● Of the privileged debt, they offered to return US$ 225 million in 56 years, without interest. And of the unsecured debt, they propose to make a reduction of 80%, that is, of 72 million, they would return 15 million.
● It is a violation of the principle of universality of the process, since it contemplates an arbitrary division of assets into two blocks: one of high productive value destined for creditors called “strategic stakeholders”, and another of low value for the rest of the creditors.
● It creates a danger to the continuity of the company since Vicentin’s most valuable assets are divided among the current shareholders.
● It violates the legal resolutions of existing criminal cases, such as the one that prohibits the sale of Renova shares.
● With the proposal to remove 80% of the debt, the right to property is also violated.
● Contemplates the conversion into dollars of all unsecured credits (including those verified in pesos), which harms the original creditors in US$, as is the case of the BNA.
● That this proposal is not a solution, but rather, on the contrary, it means harming the bank’s assets “of all Argentines”, and that it does not guarantee the continuity of the company either.
● Other creditors such as Banco de la Provincia de Buenos Aires and Bice, as well as a significant group of commercial creditors, challenged the proposal for the same reasons.
● At the time, the Court observed the proposal presented by Vicentin and, however, another one that might be superior was not presented. This occurred following this “fraudulent” loan was denounced by the bank in Justice.
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