“Given the budgetary effort already made to cancel multiple debts of the previous government, a proposal was presented today to cancel the December 2023 and January 2024 transactions through the delivery of public securities for an approximate amount of 600 million dollars in nominal value,” They indicated from the Treasury Palace.
The offer involves paying the December and January debt with the AE38 bond (14 years old) and a linked dollar bond. While only if this agreement is accepted, the Ministry would transfer the February funds in their entirety.
Rejection from companies
The consensus of the generation sector is aimed at rejecting the proposal and they assure that They will seek to continue negotiating before resorting to court measures. However, they reserve this letter due to the fact that they have contracts signed in dollars with which they can go to international courts.
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Strictly speaking, this was the only method that Kirchnerism found to gain the trust of the sector and expand the thermal generation park. With guaranteed payments in hard currency and contracts that allowed litigation abroad, only then were there significant investments in generation, which were financed with company debt that was paid with the flow obtained.
In 20 years this equation had never been modified despite the various economic crises that the country had. Now, there is the peculiarity that a situation of default of the companies precisely because of the non-compliance of the Government, which is supposedly more “pro-market.”
A different case is observed among the gas producers, where the State also accumulates a debt of around 900 million dollars. Here, the firms’ business does not depend as much on these commitments and, since the debt is less, they would be inclined to accept Caputo’s offer.
The Secretary of Energy, Eduardo Rodríguez Chirillo, participated in the meeting; the advisors of the Ministry of Economy Diego Adúriz, Martín Vauthier and Nicole Daltroy; and representatives of CAMMESA, YPF, Tecpetrol, Pluspetrol, Total Energies, CGC, Pan Energy, Pampa Energía, AES Corporation, Central Puerto and Grupo Capsa, among others.
