Bioceres Crop Solutions Corp. says financial statemetns show substantial doubt about its ability to continue as a going concern following a $179 million impairment loss from the foreclosure of its Pro Farm assets.
- Co. reports foreclosure auction valued Pro Farm assets at $15 million versus $194 million carrying value
- CEO Federico Trucco says the foreclosure process wasn’t conducted on commercially reasonable terms
- Bioceres is pursuing legal remedies including counterclaims against the noteholders
- Co. actively negotiating with Argentine financial institutions to refinance current obligations
- Also evaluating asset disposal and new long-term financing options
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