Integra and Gramercy, together to restructure Araucaria Energy’s debt

Source: econojournal.com.ar

Integra Capital and Gramercy have 90 days to restructure the firm’s debt and get it afloat.

The investment fund Gramercy signed with Integra Capital, a company chaired by Dr. José Luis Manzano, an agreement to distribute equally the shares of Araucaria Energy, an electric company that operates four thermal power plants built during Mauricio Macri’s administration.

The terms and conditions sealed on Tuesday are endorsed by the company’s creditor funds, including BlackRock and Fidelity, who will not be part of the equity, but will have a board member, who will qualify as “independent” and will reserve the possibility to block the signature contest. Araucaria now has 90 days to renegotiate the debt it maintains with those funds and present the final agreement to the Canadian courts for approval.