Yanina Otero 
Agro-holding Grupo Los Grobos filed a pre-insolvency moratorium request on behalf of its companies Los Grobo Agropecuaria and Agrofina, asking the judiciary to initiate negotiations with creditors. Since its default in late December, the firm, with liabilities over US$200 million, has issued a flurry of bounced checks that currently amount to over US$3.7 billion.
The holding’s financial crisis worsened after it failed to reach deals with its creditors, among them banks like Galicia, Santander, HSBC, Bapro, Supervielle, Hipotecario, Macro, and Industrial. These failed payments total almost US$30 million. This default has directly affected a large part of the agricultural business chain given that hundreds of producers who hand their grains over to the holding — without a previously set price — would be included in these proceedings. This is a similar situation to what happened to Vicentín holding in 2019.
Investment fund Victoria Capital Partners currently owns 90% of Grupo Los Grobos stock, while businessman Gustavo Grobocopatel and his sister Matilde have the remaining 10%. Sources from the agricultural sector initially said that the company would not file for insolvency because it was set to receive an injection of fresh funds, as stated in last year’s balance sheet. That money never materialized, and hundreds of producers, banks, and suppliers have now been affected by the default.
Los Grobos Agropecuaria is made up of 34 branches, 27 supply warehouses, and 16 stockpile and grain processing plants, with a storage capacity of over 350,000 tons. It operates in Buenos Aires, La Pampa, Córdoba, Santa Fe, and Entre Ríos and employs over 500 people. According to its most recent balance sheet, the company had stockpiled over 2 million tons and sowed 218,000 hectares in partnership with 40 producers.
Agrofina, on the other hand, is devoted to the development, production, and commercialization of agricultural products, mainly those related to crop protection, like herbicides, insecticides, and fungicides.
The firm released a statement regarding the insolvency request: “The companies will remain operational and working on an integral solution set to organize the businesses and their financial capabilities. We will prioritize our commitment to producers, suppliers, collaborators, and clients and continue working until this request is resolved.”
