The phytosanitary company Surcos announced that it will not be able to make the payment of a Negotiable Obligation for nearly $300 million due to financial problems and asset seizures. The default situation occurs more than a month after entering this condition.
The unpaid payment corresponds to the third interest payment of its Negotiable Obligations amounting to $298,895,000, with a due date set for today.
In a statement, the company acknowledges that holders of at least 20% of the unamortized capital of the obligations could declare the entire debt due, demanding immediate payment of the capital plus the interest accrued to date, which could be considered a "payment default event."
Surcos' financial liabilities exceed $100 billion, of which half corresponds to financial obligations, 14% to market payables, and the rest to bank debts, with over 75% maturing within less than a year.
The serious financial situation includes the seizure of the company's assets and bank accounts, which has prevented it from meeting its payment obligations. Surcos had defaulted in early December for failing to meet two maturities of market payables, one for $3.5 million and another for more than 930 million pesos.
