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Impsa nears deal with creditors

ARGENTINA: Argentinean turbine maker Impsa is close to reaching a deal with creditors over debts totalling $1 billion, the company said in a note to the Buenos Aires Stock Exchange.

Struggling Impsa has reached a deal with creditors
Struggling Impsa has reached a deal with creditors

Impsa said a significant proportion of the creditors have now agreed to a restructuring deal that would see debt holders receive 40% of the company's capital.

Mendoza-based Impsa ran into difficulties late last year as clients, including Eletrobras in Brazil, delayed payments against major contracts.

The company’s creditors include the Washington DC-based Inter-American Development Bank ($167 million) and Argentinean banks Banco de la Nacion Argentina, Banco Hipotecario and Banco Galicia.

Despite the financial difficulties, the company’s factories have continued operating, although at reduced capacity.

Impsa will also emit bonds worth $470 million while operating profits will be redirected to pay off the debt rather than pay dividends.

The deal is expected to end in an extrajudicial arrangement by early next year.

Meanwhile, Impsa’s parent company, Venti, is reportedly close to a deal to sell its Wind Power Energy Brazilian subsidiary, which has two turbines factories in Brazil, both of which are currently closed.

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