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One of the fishing vessels belonging to Vieira S.A. Argentinean subsidiary. (Photo: Vieira Argentina S.A.)
Vieira delays creditors’ meeting and tries to unlock conflict in Argentina
SPAIN
Thursday, July 25, 2013, 03:50 (GMT + 9)
The Commercial Court No. 3 of Vigo authorized Eduardo Vieira to delay the creditors' meeting until 2 October while it had been scheduled for this week.
The company chairman, Eduardo Vieira, confirmed this measure while expecting to have this extra time to solve the conflict with the Government of Argentina and recover the seized local subsidiary.
According to the newspaper Faro de Vigo, the assets belonging to Vieira SA are valued at EUR 21.7 million, based on the data provided by the reorganisation administrators from Buenos Aires.
The Spanish company plans to solve the creditors’ meeting proceeding by recovering the Argentinean subsidiary or by receiving a fair price for it.
Eduardo Vieira insists he prefers the first option, which would allow the firm to avoid implementing a reduction for its creditors "in the best case."
The proposed agreement raises two alternatives:
- A 10 year payment plan with a discount of 50 per cent and "almost linear" amortization;
- A 15 year payment plan, with a "maximum" discount of 38 per cent.
For the second option, the reduction could amount to 0 per cent "depending on the funds received from the Argentinean subsidiary."
Under the proposal, these funds "may be obtained by means of the generation of activity, once the expropriated assets have been recovered, or by the payment of a just compensation once the expenses related to the expropriation process have been covered."
The Argentinean subsidiary has seven boats with their fishing licenses, a processing factory and cold storage facility.
In Argentina, the Production Minister of Santa Cruz, Rafael Gilmartín ensured that the responsibility for the expropriation of Vieira Argentina is its owner’s, Eduardo Vieira.
"The government can understand the pain Vieira feels for what has happened to his company, but they are the ones who must review why they have come to this situation," said the Argentinean official.
"We should not forget how the events that have been occurring for over two years with this company developed, the silence that reigned in recent times before implementing the expropriation and the response to the labour sector and to all the forces that had asked the Government of the province of Santa Cruz and its Legislature to enact this law," added the minister, the newspaper La Voz de Galicia reported.
Related article:
- Vieira expropriation process continues
By Analia Murias
[email protected]
www.seafood.media
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