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Extra insolvency agreement between Vieira and Newsan

ARGENTINA
Friday, July 25, 2014, 01:10 (GMT + 9)

Vieira SA and industrial group Newsan have settled operating and financing contracts in order to obtain sufficient funds to reactivate the fishing plant company and operate the entire fleet. While the framework agreement was authorized by Judge Horacio Robledo, it is subject to prior repeal of Law 3287, declaring it as having public use and subject to expropriation of assets belonging to Vieira with the consequent restitution from the province of Santa Cruz. The company presented a project where the repeal of the Act is requested at the Deputy Chamber of Santa Cruz, an initiative that would have the agreement of the majority to be approved, Mar & Pesca reported. Currently, this Patagonian province is facing a serious financial situation, as every month it must spend around ARS 1.2 million (USD 147,000) to pay subsidies to Vieira’s personnel. Meanwhile, the co... FULL STORY

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