While the deadlines are shortened for Vicentin achieve an agreement that allows you to smooth your bankruptcy, the auditors appointed by the Justice show their concern about the recovery of about US $ 100 M, which the agro-exporter lent to group companies and whose collection management is misdirected. Along these lines, they recommended to Judge Lorenzini that he make the management of the loans independent, which would redound “to the benefit of the creditors.”
The concern was exposed in a brief presented by Andrés Shocron and Guillermo Nudemberg to the magistrate after reading a report from the Receivership, which provided details on the situation of several of the firms of the Vicentin group, with which the agro-exporter – the bankrupt company – has debts receivable. Are some u $ s100 M and these are “intercompany” loans, which were suspected from the beginning by some actors linked to the court case.
For the auditors, Vicentin ‘s collection of these “sums of significant amounts” “has not been effective.” Furthermore, they state: “In many cases we find that debtors have liquidity, profitability and solvency indexes that do not allow them to pay their debts in full.” They also assert that “there are no real guarantees to ensure recovery, even if it is not partial.”
“We cannot fail to mention that due to the shareholding composition of the bankrupt and its debtors, it would not be unlikely that we are facing possible conflicts of interest,” warn Shocron and Nudenmerg, who explain that this situation is evidenced in the loan conditions themselves: lack of guarantees, mutual granted to shareholders of the company and the delays in making collections effective.
As revealed by the auditors, in some cases Vicentin’s debtors offered assets or corporate shares as a form of payment, which would aggravate the situation since if there is something that the bankrupt needs such as water, it is money, rather than other types of assets.
In this context, they advised Lorenzini that in order to make collection management transparent “it would be advisable for the credits in question to be made available to an independent recovery management that will benefit the bankruptcy creditors and, ultimately, Vicentin herself. Saic “.
It is worth remembering that the company has just achieved an extension of deadlines in the contest, in which it was allowed to extend until December 16 the time to achieve the majorities required by the preventive agreement. In addition to this, it must present before November 20 a roadmap as clear as possible, which inexorably includes progress in the negotiations with its potential buyers.
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