The President made that decision after the failure of the plan promoted by the Governor of Santa Fe to create a trust with state participation.
He president Alberto Fernández will reverse and void the decree to intervene and expropriate the cereal grain Vicentin.
The President made that decision after the failure of the plan promoted by the Santa Fe Governor, Omar Perotti, to create a trust with state participation.
With a new decree, the head of state will override DNU 522 which ordered less than a month ago the transitory intervention of the Vicentin cereal, dictated to intervene the company.
The decision will be made after the governor of Santa Fe terminated his attempt to put an interventor appointed by the province in charge of the bankrupt group.
Bankruptcy, the worst way out
The secretary of Justice of Santa Fe, Gabriel Somaglia, affirmed this Friday that “bankruptcy would be the worst way out” for the crisis in the cereal company Vicentin and explained that this possibility “is always latent in a bankruptcy” of creditors.
The Santa Fe official thus referred to the scenario that emerged from the Lack of understanding between the parties in the conciliation meeting that was held yesterday in the Civil and Commercial court of the Second Reconquest Nomination, in which it processes the preventive bankruptcy proceedings.
Vicentin faces liabilities for about 100 billion pesos and the government of Santa Fe offered him to form a trust to be administered by the agro-exporter during the course of the contest.
The proposal established as a condition that the current directors leave the management of the company and that they transfer the shares – for the time of the duration of the trust contract – to the mixed trust fund that would conform to that end.
However, the parties did not reach an agreement at yesterday’s conciliation meeting and Santa Fe considered the chapter of judicial mediation “closed,” Somaglia explained.
“The possibility of bankruptcy is always latent in any bankruptcy. If the company cannot reach an agreement with the creditors, the next step is bankruptcy, which is the scrapping and the auction of the assets,” said the secretary of Justice of Santa Faith.
After the failure of the negotiations, the Santa Fe government hopes that the competition judge, Fabián Lorenzini, will resolve the proposal made by the General Inspection of Legal Entity (IGPJ) of Santa Fe to remove the current leadership of Vicentin.
“We will never refuse to dialogue. What we have put is an end point to this instance of mediation,” said Somaglia.
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