The agro-exporter Los Grobo Agropecuaria has requested its entry into a preventive creditors' contest after accumulating a debt of approximately 207 million dollars. The company has scheduled a shareholders' meeting to ratify this measure on March 12, in accordance with the Bankruptcy and Insolvency Law No. 24.522.
Enrique Flaiban, CEO of Los Grobo, pointed out that this action aims to keep the companies operational and work on a financial restructuring. It is worth mentioning that the group is predominantly controlled by the Victoria Capital Partners (VCP) fund with a 90% stake, while the Grobocopatel family holds the remaining 10%.
The company has expressed its priority commitment to producers, suppliers, collaborators, and clients, ensuring that they will remain operational until the contest is resolved. The decision to resort to this legal mechanism was made after the failure to make payments on bonds and commitments with banks last December, which led the company to default.
In addition to Los Grobo Agropecuaria, its subsidiary Agrofina also sought preventive contest to ensure operational continuity while seeking a comprehensive financial solution. The Board of Directors of Los Grobo approved this measure on January 31, and the judicial presentation was made in Commercial Court 12, Secretariat 23, according to the communication sent to the National Securities Commission (CNV).
