Owner of Musimundo restructured debt of 1,000 million pesos / Argentina News

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The company that owns the well-known chain incurred the liability by issuing Negotiable Obligations, which it is now restructuring. The details

One of the companies that owns the chain Musimundo entered into an agreement with your creditors to resolve a debt for $ 945 million.

It is about the Chaco company CARSA, who owns part of the Musimundo chain (the other portion of the home appliance business is from Electrónica Megatone – EMSA).

CARSA’s liabilities originated in the issuance of Negotiable Obligations (ON), which are now being restructured.

“We are addressing the investing public in order to inform that Carsa SA has received the agreement to restructure the conditions of issuance of the Negotiable obligations Series VII and IX Class B in circulation by the mutual fund management companies holding such obligations, which represent approximately 87% and 79% of the nominal value of each series, respectively, “the company based in the city of Resistencia said in a statement. .

And he added: “In a short time the company will convene two bondholders’ assemblies, complying with the applicable legal and regulatory regulations, and will publish the company’s proposal that will be addressed to all the bondholders, in order to reach a formal agreement that allow you to overcome the default situation you are in “.

In January, CARSA had restructured a debt of $ 2.5 billion that it had with various banks.

Looking ahead to 2021, the reactivation of consumption will be key to the company’s expectations.

In fact, the hit of the pandemic was felt harshly. According to its latest balance sheet, the company had sales of $ 1,310 million between September and November 2020. This is a 20% drop compared to $ 1.633 million in 2019.

How is the structure of Musimundo

CARSA is one of the two shareholders of the household appliances chain together with Electrónica Megatone (EMSA). Both companies maintain a particular business link around the Musimundo brand through which they share advertising and marketing but operate independently in business, marketing, financing, their premises, logistics and distribution.

During 2020, the chain closed 43 branches in various cities of the country and in the Federal Capital, strongly affected by the context of crisis that consumption was going through and which affected different companies in the same sector.

Between October and November, it agreed with its partner EMSA the transfer of all the premises that it had closed with its 335 workers, of which 160 had been fired and then were reinstated.

After this change of hands, of the more than 220 Musimundo stores in the country, 170 are run by EMSA, while CARSA was left with the other 45 establishments.

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