A giant of agriculture in Córdoba has high-risk debts for $ 26,308 million

Although in the national government they consider that agriculture is the sector in the best conditions to make the “solidarity effort” that the country needs to get out of the economic crisis, reality shows that it has suffered many shocks from the financial debacle that began in the middle of 2018.

The emblematic case is that of Vicentín, one of the largest agro-exporters in the country, which in December last year announced a process of restructuring payments, for a debt of 900 million dollars with the banks and 21 billion pesos with the producers. that provide grains.

Without reaching agreements, a month ago he presented the request for the opening of the preventive bankruptcy, which brought much concern to the agricultural market, given that this company is one of the main players in the field.

And these days, the situation of a company that has the majority of its operations outside of Córdoba, but is from provincial capitals, is also beginning to gain notoriety: Molino Cañuelas, which produces and markets Pureza flour, Cañuelas oil and cookies 9 de Oro and Paseo, among other products.

It is one of the companies that are part of the Navilli Group, a native of Laboulaye, and that in the debtor center of the Central Bank of the Argentine Republic (BCRA) appears with obligations to banks for 18,582.3 million pesos in category four ( high risk) or five (unrecoverable).

To this we must add 7,725.7 million pesos from Compañía Argentina de Granos (CAG), another of the strong companies that are part of the group.

In total, then, the Navilli group’s debt to the banks amounts to 26,308 million pesos, according to the data – as of last December – that appear in the BCRA.

Similar

This situation has resulted in Molino Cañuelas having come to offer banks to keep the majority of their assets, as part of payment for these claims.

However, the entities rather seek to reach an agreement and, in this context, Cañuelas could end up in the same process as Vicentín: a bankruptcy.

What differentiates the company born in Avellaneda (Santa Fe) is that the Navilli have not generated debts with their suppliers: in the BCRA, no rejected checks appear. That is to say, that all the credits are with the banks.

What does connect the situation of Cañuelas and CAG with Vicentín is that the largest private creditor is Banco Nación. In the case of Vicentín, this earned him strong criticism and even an accusation against the former president of the BNA, Javier González Fraga.

Between the two firms, they accumulate grade 4 debt of 6,662.6 million pesos with that bank.

And Banco de Córdoba is also among the creditors, with an accumulated debt at risk or irrecoverable of more than 600 million pesos.

All debts

The complete list of debts of Molino Cañuelas and Compañía Argentina de Granos is as follows:

National Bank. 3,638.5 million pesos (Molino Cañuelas) and 3,024.1 million (CAG).

Bank of the Province of Buenos Aires. 2,374.7 million and 1,712.6 million.

Hipotecary Banc. 1,322.9 million and 1,247.1 million.

Bank of Córdoba. 121.2 million and 505 million.

Bank of the City of Buenos Aires. 756.2 million and 146.8 million.

Bank of Galicia. 1,644.8 million and 201.3 million.

BBVA Bank. 1,663.6 million and 644.4 million.

Investment and Foreign Trade Bank (Bice). 1,181.8 million (only with Cañuelas).

Santander Río Bank. 2,366.5 million (only with Cañuelas).

Macro bench. 546.7 million (only with Cañuelas).

Bank of La Pampa. 122.4 million (only with CAG).

Services and Transactions Bank. 121.8 million (only with CAG).