Alberto Fernandez

Alberto Fernandez manifested itself this weekend in favor of a greater intervention of the State in Vicentín, to have “a witness company to order the market” alimentary. In a interview with Page 12the president explained that the decision of the Supreme Court of Justice of Santa Fe to displace the judge from the Vicentín creditors’ contest allows for “a more favorable scenario” than the one that existed at the beginning of the process.

After the president’s statements, the reaction was immediate: there was support from the ruling party and criticism from the opposition and the company itself. Luis Miguel Etchevehereformer Minister of Agroindustry of the Nation, expressed in dialogue with Marcelo Longobardi for CNN Radio: “The President’s reasoning is false, it is not possible to intervene more in Vicentín. What he says doesn’t make much sense. unless they want to put together another box of militants”. “We already know that nationalizing companies doesn’t work,” she added.

Vicentín confirmed that Bunge Argentina joined the group of those interested in rescuing the company

Official deputies, in favor of state participation in Vicentín

For its part, Carlos del Fradeprovincial deputy of Santa Fe, in statements for The Garcia by am 750, express: “I differ with Alberto Fernández, there is not a chance with Vicentín. There is a need. The control of Foreign Trade is at stake. I believe that the president remains uninformed“. In addition, in relation to the alleged action plan, proposed by Alberto Fernández, which includes cramdown, he said: “They are going for the bankruptcy of Vicentín, so as not to pay anyone. He owes 300 million dollars to Banco Nación.”

On the official side, German Martinez, president of the block of Deputies of the Front of All, coincided with the vision of the President of the Nation. Thus, in dialogue with La García, by am 750, he said: “Given that the Court of Santa Fe requested the bankruptcy of Vicentín, now a new opportunity opens.” He also added: “Vicentín is an important company and through Banco Nación you could participate“.

Vicentín reached an agreement with most of its creditors

Statements by Alberto Fernández about Vicentín

It is worth mentioning that Fernandez He said that, at the time, he backed down with the nationalization of Vicentíngiven the possibility that a decision in this sense “could force Argentines to pay a large debt, which was not reasonable.”

In this regard, the president explained: “In the current scenario, in which the Supreme Court of Justice of Santa Fe has intervened and it could give the possibility of cramdown -a debt solution proposal made by the main creditors, in this case Banco Nación-, I said let’s study it because it is possible. What it is not possible is this logic of ‘let’s expropriate companies in any way’ because later you pay what does not correspond. And I don’t want to do that.”

Albert Fernandez.

To complete, Fernández explained: “I backed away from nationalization, but we are still working on the cramdown alternative and now there is a scenario where, perhaps, we can do something. I’m not saying I’m sure, but we do have a more favorable scenario than that one”.

Furthermore, according to the president, “the problem is that they turn Vicentín into an ideological problem. And it is not an ideological problem, it is a problem of opportunity”.

Banco Nación described Vicentín’s payment proposal as “unacceptable”

“I am convinced that what we have to guarantee is end these oligopolies, monopoliesand when these systems exist, as in the case of the 7 or 8 cereal companies that exist in Argentina, if the State had a cereal company that exports, we would have the possibility of intervening in favor of the market, in favor of the Argentines. But that does not have to be done in any way, ”he sentenced.

The response of the Directors of Vicentín

After the President’s statements, the members of the cereal company issued a statement with various definitions on the topics mentioned. In a fragment of it, without mentioning Fernández, the leaders of the company, specified that “Vicentín is not and cannot be a witness company that orders the grain market, since Vicentín is just a (large) milling company that transforms grains into oil and flour. Their participation before the presentation in the contest never reached 15% of the sector”.

Creditors of Vicentín requested the displacement of the judge and accused him of “collusion”

On the other hand, they added: “all explanations relating to a hypothetical cramdown -prevented by the majority support of the creditors for the proposal- only confuse the non-specialist audiencesince none of them explains how Vicentín’s activity is going to be financed, where the 300 million dollars of working capital needed to operate will come from, how the creditors -all of them, not just granaries- will recover their debts, and how they will protect the 1,500 direct jobs during an adventure without driving or financial capacity”.

The statement also refers to the resolution of the Supreme Court of Justice to suspend the Creditors’ Bankruptcy and, in its conclusion, reads “We hope to be able to complete the final reorganization of the Company on time and begin payments as soon as possible.which will allow us to definitively overcome this difficult stage and continue operating safely and reliably towards a sustainable future.”

SEA / ff

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