More than 2,600 of Vicentin’s creditors who have not received any payment from the company for their benefits may request verification of Vicentin’s debt to them, estimated at $1.5 billion.
The agribusiness firm Vicentin, which went into default in December last year with debts exceeding $1.5 billion, continues to accumulate offers to buy. Currently, Vicentin’s financial debt amounts to just over $1.1 billion, and Banco Nación is its main creditor with almost 80% of the total. The commercial debt totals another $400 million, made up of hundreds of agricultural products and cooperatives that sold him grain. The firm closed with the largest default in the history of Argentine agriculture.
Millennial Lithium Corp. Granted Final REMSA License at its Pastos Grandes Project, Salta, Argentina
The Mining Court of Salta has granted Millennial’s Argentine subsidiary, Proyecto Pastos Grandes S.A., the remaining mining license, Nueva Sijesyta 01, that comprised the original REMSA Properties. The REMSA Properties are comprised of 5 mining licenses totaling 6557 ha which are contiguous with Millennial’s core licenses covering the Salar de Pastos Grandes.
Crucianelli Group, a manufacturer of agricultural machinery, announced an investment of $10.8 million. The plan of the industrial group of companies consists of the expansion of workshops, the purchase of a 30-hectare property to create an industrial city, the construction of a new plant for the manufacture of parts and sheet metal parts, and the expansion of the existing Crucianelli Fabril S.A. plant.
Arcor food company reported that during the first quarter of the year achieved a net profit of 476.6 million pesos ($ 7 mn), thanks to a plan to contain the rise in costs even though in the quarter sales fell by 7% in turnover and 5% in volume. It also managed to recover losses.
YPF raised $100 million on the local capital market yesterday. The company had set a target of $25 million and reflected the confidence in YPF among local investors. It achieved this result by issuing a new 18-month dollar link series of $93 million at a 0% rate and the remaining $7 million in a Class III reopening in pesos due in December of this year.
The dairy company Mastellone Hnos, known in the local market for its brand La Serenissima, presented yesterday the financial results of the first quarter and reported losses totalling 1.47 billion pesos ($27.68 mn), mainly because the increases in costs could not be compensated by selling prices, as detailed by the company.
Investors in Loma Negra Compañía Industrial Argentina Sociedad Anónima (NYSE:LOMA) had a good week, as its shares rose 5.9% to close at $3.74 following the release of its first-quarter results. Results were roughly in line with estimates, with revenues of 7.8b pesos ($115.2 mn), and statutory earnings per share of 30.81 pesos. Revenue growth is expected to slow, with forecast 18% increase next year well below the historical 27% p.a. growth over the last three years.
YPF CEO Sergio Affronti made progress on Wednesday with the assembly of the oil company’s new management structure:
Executive Vice President Downstream – Mauricio Martin
In conventional upstream, oil engineer appointed Gustavo Astie
In non-conventional upstream, Pablo Iuliano takes over
Executive Vice President Gas and Energy – Martínez Tanoira
VP Investment and New Business – Marcos Sabelli
Before the coronavirus crisis hit fuel consumption, YPF reported profits in the first quarter of the year of $6351 million, according to the statement filed yesterday with the National Securities Commission. The impact of mandatory insulation, which involved a collapse in sales of up to 80% on naphthas, 50% on diesel and 90% jet fuel, will be reflected from the second quarter balance sheet.