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Argentina

Argentina

Impsa reaches settlement with creditors

ARGENTINA: Turbine maker Impsa has reached a final agreement with a majority of its creditors, ending two years of financial woes.

Impsa's deal with creditors will allow it to take advantage of Argentina's wind growth
Impsa's deal with creditors will allow it to take advantage of Argentina's wind growth

The deal with creditors representing 52% of unpaid debt was presented to a court in Mendoza on 26 September and is expected to be approved shortly.

Impsa’s current owners, led by the founding Pescarmona family, will cede 65% of their stake to creditors, which will become the majority shareholders.

These include multilateral lenders such as the Andean Development Corporation, the Inter-American Bank of Development, Argentina’s state-owned bank Banco Nacion, Brazil’s largest private bank Bradesco and Chilean investment firm Moneda Asset Management.

Impsa said the new ownership structure would allow it to improve its competitiveness, compete for new contracts and expand its production capacity, as well as protect the jobs of almost 6,000 direct and indirect employees, mostly in Argentina.

The company’s comeback has coincided with the new Argentinean government’s drive to attract badly needed investment into the country’s energy sectors, especially renewables.

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