Creditors ask for company documents in New York

International banks seek access to documents including copies of bank transfers from the cereal company and various subsidiaries

Vicentin’s international creditors have asked a New York court to ask the Argentine company to file documents that include wire transfers.

Banks, including Rabobank, Credit Agricole, ING and the World Bank’s private lending division, International Finance Corp., They seek to access documents that include copies of bank transfers from Vicentin and various subsidiaries, the Bloomberg agency said.

They also requested transactions from executives, including members of the company’s founding families.

Different creditors asked to see not only the transactions made by the company but also by executives

In preventive contest

Vicentin requested the opening of his preventive bankruptcy proceedings before a Santa Fe court in February after defaulting on a payment of US $ 350 million to agricultural producers. Then, last month, President Alberto Fernández launched a plan to intervene and expropriate the company, which is currently on standby.

The steering committee wants documents to be disclosed for use in a proceeding pending before the Santa Fe court and other proceedings expected to begin in the near future, lawyers representing the banks in the application said. The members of the steering committee, as Vicentin’s largest group of creditors, are interested parties in those procedures, with full participation rights, they added.

The company's accounts are targeted not only in Argentina but also abroad

The company’s accounts are targeted not only in Argentina but also abroad

What documents do you request?

The document request covers data from the beginning of 2017 to the current date, according to the June 29 file, and concerns Vicentin and its subsidiaries, including businesses in Paraguay and Europe, as well as Renova SA, a joint venture that the company has with the agricultural business of Glencore Plc, the world’s largest commodity trader.

The banks, which include Natixis and the Dutch development bank FMO, also requested information from managers and members of the founding families, including Sergio Roberto Vicentin, Pedro Germán Vicentin and Roberto Oscar Vicentin. The request comes after a previous request in February.

A Vicentin spokesperson said it was not aware of a second round of requests, but stressed that the company has fully complied with the discovery process thus far.

The 2,600 creditors of Vicentin, mainly agricultural producers, are owed $ 99.3 billion (or $ 1.4 billion).

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Written by Argentina News

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