YPF avoids the “standard”. The Argentine petrol company will sign an agreement with its creditors to meet the more immediate debt revenues. The negotiation, prorrogada quatro veces and concludes these jews by night, can be the model to follow for other companies that, like YPF, can not make front to its debt pages to divide because the Central Bank, with the minimum reserves, do not make the necessary dollars easy.
The Argentine petrol station, this centenary (founded in 1922), finds itself in a complicated situation. Load with a superior debt of 6,200 million dollars and its bursatil value exceeds the 1,500, compared to the lower of the shares in the last days. In 2019, it registered a loss of 33,379 million pounds (approximately 370 million dollars) and in 2020, an emergency release, the impact of the pandemic and economic paralysis will be overcome.
However, the YPF has enough liquidity to pay 412.6 million dollars by March 23. Who has sufficient liquidity, in divisions, is the Central Bank. On December 17, the monetary authority announced a petrol company that could not exchange pesos and dollars for the required amount. It obliges the YPF to initiate a bargaining agreement with its affiliates.
In the first instance, YPF is intentó renegociar toda su deuda. The creditors, encumbered by gigantic investment funds such as BlackRock and Fidelity, are planning the proposal. These issues are complicating matters even more with an unexpected relevance to the presidency of the YPF, the 51% of which capital belongs to the State. In the middle of January, Guillermo Nielsen was replaced by Pablo González, a deputy from Santa Cruz very close to Vice President Cristina Fernández de Kirchner. Gerugte van Circularon intensifies on an imminent nationalization, which the Minister of Economy, Martín Guzmán, has already denied official form.
The situation calmed down despite the fact that the YPF agreed to renegotiate only the deadliest trams. Its final offer includes effective payouts ($ 408 per bonus with a nominal value of $ 1 million) and new bonus issues, with an annual interest rate of 4.5% ending in 2022 and 9% from entities. The accreditors will have a “sí” immediately majority.
The YPF, which has been able to sell 400 million dollars for its social services, is cracking down on the bourgeois barrage of Puerto Madero, concentrating this year and its proximity on reactivating its exploits in Vaca Muerta. But it is for sure that other large Argentine companies will find themselves in a similar situation: they can not pay their debts in certain installments, even if the pesos are not necessary, the Central Bank will not be in translation conditions in dollars. I have new processes of renegotiation of business debt in the immediate future, while the Government, which has agreed to restructure debt with private creditors, negotiates now with the International Monetary Fund to implement the devolution of a