Just as last year it was the agroindustrial companies that announced a default fuel –Red Surcos, Agrofina, Los rough– This week the Albanesi energy group, With its subsidiaries Mediterranean and Roca Thermal Power Plant, it was the first to reveal financial problems to deal with the payment of its debt. And this Wednesday He was followed by Argentina’s cellulose, a company where José Urtubey participates.
A month ago, the agro -industrial company had hired a consultant to evaluate the steps to follow: if restructured debt o He incorporated a partner that will inject capital to improve its liquidity. The decision they made was to stop paying the debt.
“The company informs that You cannot face the payment of negotiable obligations that expire during the month of Mayas well as the Deferred payment checks“The company owned by the Tapebicuá Groupwhich has among its shareholders Urtubey and the American businessman Douglas Albrecht y José Collado.
Between April and June the firm had to pay the equivalent at US $ 25 million in stock exchange promissory notes, own checks and ON.
After the announcement, Cellulose action is the one that falls the most in the day in the Buenos Aires bag, with A 10%decrease, at $ 353.50.
The consultant they had hired is Valo Columbus and, according to cellulose, “will continue working in direct communication with the creditors as it has been doing to date, as well as in the Incorporation of new partners “.
“The company additionally informs that All resources available are going to be used strategically to ensure the operation and the work continuity prioritizing the normal supply of our clients, “he said.
-Cellulose businesses cover the item Forestry, wood processing and paper production. To explain why he fails to generate enough box to pay his debt, he listed:
“As a result of all this, most short -term creditors proceeded to accelerate the cancellation claim of their positionsgenerating one additional pressure on the box And the company’s financial structure, “he explained.
Cellulose clarifies that the Tapebicuá Group injected US $ 7.4 million in the company and that is “making your best efforts to improve the operational and financial situation.” On Monday, The controlling companies sold cellulose actions in the market to obtain funds and reduced to 46.79% their direct and indirect participation.
The alert lights on cellulose began last year. In September, Tapebicuá decided to close the San Charbel sawmill in Garruhos, Corrientes, which implied the dismissal of more than 70 workers.
In December, the FIX risk rating had already written that the company presented a concentration of maturities of stock market and checks between January and February, as well as payments for negotiable obligations. “The commitments They exceed box levels and available bank lineswhich exposes a high cellulose refinancing risk. In December, the company used part of the bank lines for payments of the amortizable negotiable obligations, “which reduced financial flexibility,” Fix had said.
The company’s financial debt was at US $ 164 million as of November 2024, and 35% is composed of negotiable obligations9% for credits of related companies; 24% for loans from Rabobank and the remaining 32% corresponds to financial institutions (here are the stock market and checks that will not pay).
The group operates on Tissue paper, papers for packaging, for printing and writing, cellulosic, forestry, wood and distribution paste. Argentine cellulose owns a pulp manufacturing plant and two paper, located in the towns of Captain Bermúdez (Santa Fe) and Zárate (Buenos Aires).
