The national oil company Roch, which has operations in Mendoza and Tierra del Fuego, is going through a complex situation. Last Tuesday, it informed the National Securities Commission (CNV) that suspended payments scheduled for Thursday, June 27. They include capital and interest from Class 1 Negotiable Obligations (ON), Private ON and also from agreements with banks.
«The Company informs the investing public that it will not make the payment scheduled for June 27, 2024 of: the principal and interest of the Class 1 Negotiable Bonds; the capital and interest of the Private Negotiable Obligation; the capital and interest of the Agreements with the Banks,” the document reads.
The company stated that The payments you must make include US$ 16,535,851 in ON class 1issued in July 2022 and September 2023; US$3,413,694 for a Private Negotiable Obligation issued in July 2022; and US$3,877,970, US$1,427,210 and $502,210,672.46, arising from various agreements with financial institutions.
The company is in the process of debt restructuring. The financial commitments respond to a preventive agreement approved with its creditors in July 2022, after going through a negotiation process in which It was planned that interest due and unpaid on that date would be capitalized and the constitution of a guarantee trust.
In it, The oil company is the trustor and the Banco de Valores is the fiduciary. Meanwhile, Trafigura and other banks such as the City of Buenos Aires, the Province of Tierra del Fuego and BMA SAU are beneficiaries.
On May 6, the company announced that the debt holders, representing US$ 12,535,502 of the total capital of the Class 1 ONs, gave their consent to adopt the company’s proposal, thereby covering 75.81% of the total outstanding capital of these ONs.
«The Society is carrying out its best efforts to comply with the conditions necessary to make the request effective of consent, announced through a relevant event published by the Company on April 23, 2024, and its obligations,” they stated. This request consists of a proposal made by the company to cover the obligations.
They estimate that they will comply with the conditions “as soon as possible” in order to make payments in accordance with the terms and conditions defined in the consent request. “In light of the above, The Company will keep the investing public informed and to the corresponding organizations about the progress,” the document reads.
