It is the subsidiary of a Canadian corporation, which has debts of $ 600 million. The Argentine businessman will assume the payments
Argentine businessman José Luis Manzano bought Araucaria Energy, a subsidiary energy generator of the Canadian corporation Stoneway, confirmed company sources, who did not specify the amount of the operation.
Anyway, according to what this agency could find out, Araucaria invested $ 1 billion to build four power plants, and contracted a debt of $ 600 million, which became unpayable after the last devaluation of the Mauricio Macri government.
This would be the debt that Manzano would absorb to take over the energy company.
From the company denied that the decision of the Mendoza businessman aims to confront the Gramercy Fund, one of its most aggressive creditors, which intends to keep control of the company.
Manzano has interests in various energy and construction companies in Argentina, and is a specialist in hostile debt restructuring through the investment fund Integra Investments.
Araucaria Energy, which operates four thermal power plants in the Buenos Aires towns of San Pedro, Luján, Matheu and Las Palmas, had warned “the complex financial scenario caused by the devaluation process that occurred during the government of Mauricio Macri”.
Gramercy, according to what was revealed, is among the creditors the most aggressive fund and intends to keep the company.
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