Argentine group Los Grobo announces default

Los Grobo Group, one of Argentina’s leading agricultural producers, has informed the National Securities Commission (CNV) that it has failed to meet its financial obligations. The announcement highlighted the inability of Los Grobo Agropecuaria and its subsidiary Agrofina to honor debts, according to the Buenos Aires Herald newspaper.

Los Grobo Agropecuaria, a soybean and corn producer and distributor of agricultural inputs, said it was unable to pay a short-term debt of US$100 that was due on December 26.

In addition, the company stated that it will not be able to pay off scheduled debts until March 31, 2025, which, according to information from the local press, could reach US$ 10 million.

The company attributed the default to a lack of liquidity in the agricultural debt market and financial difficulties at an associated company.

Agrofina, which specializes in crop protection products, also reported that it failed to meet the deadline for another payment, including interest and amortization of negotiable obligations.

The company justified the default by the drop in sales, retraction of the phytosanitary market and excess stock in the distribution channel.