The Chaco-based agricultural company Italar SRL reported today that it has entered into payment cessation by being unable to pay the eighth installment of the Negotiable Obligation class A and B that matured on October 12 and 15, respectively.
The reason reported to the National Securities Commission (CNV) is the "loss of agricultural production at 95% of its productive capacity."
Agricultural companies in the Chaco Santiagueño region have been registering campaigns with low to no returns in the last three campaigns due to both climatic (droughts) and biological (corn leafhopper) factors.
The company has, according to data from the Central Bank (BCRA), recorded 24 rejected checks amounting to 584.7 million pesos, in addition to a bank debt of 15,224 million pesos, most of which corresponds to Nuevo Banco del Chaco, John Deere Compañía Financiera, Banco Nación, Banco de Servicios y Transacciones, Bapro, and Banco del Sol.