The Vice Governor of Mendoza, Hebe Casado , celebrated the privatization of IMPSA with a red cap similar to the one worn by the President of the United States, Donald Trump , during the signing of the transfer of the industrial company to ARC Energy . On it, the legend in English could be read, Make IMPSA great again (Let's make IMPSA great again), a clear allusion to the Make American great again (Let's make America great again) used by Trump in his campaign. The Governor, Alfredo Cornejo , participated virtually in the meeting.

The Secretary of Industry and Commerce of the Ministry of Economy of the Nation, Esteban Marzorati , attended on behalf of the National Government; the head of the Agency for the Transformation of Public Companies, Diego Chaer ; and Juan Pazo , head of ARCA, initiator and main promoter of the privatization of the company.

As reported by the mdz portal , “she signed the document herself - Cornejo is traveling - and uploaded a photo with the cap next to her at the moment she did it.”

“Today we completed the first privatization of the Javier Milei government with the signing of the contract to transfer IMPSA's class C shares to the IAF consortium, led by ARC Energy. With this step, the company returns to private hands to boost its growth and generate genuine employment ,” Casado wrote on his official X account.

“This process, accompanied by Governor Alfredo Cornejo, was carried out after the tender called in October 2024 and the extension requested by the buyer to complete the established requirements. Our objective has always been to guarantee a solid investor that will promote the operational continuity of IMPSA, preserve jobs and ensure its growth. With this signature, we take a firm step in that direction ,” added Hebe Casado .

We are not surprised by the party favors used by Vice Governor Casado to celebrate the delivery, since as we have reported from Agenda Malvinas, the company that took over IMPSA is ARC Energy , with strong ties to the Trump administration.

In fact, one of his advisors is Mike Pompeo , former head of the CIA and former Secretary of State in the previous government of Donal Trump .

This is not the first time that Hebe Casado has crawled and made a fool of herself wearing a red cap, as mdz reports: “On January 20, the lieutenant governor celebrated Donald Trump’s inauguration with a post in which she was seen in her office at the Legislature wearing the colorful accessory.” Without words, you can’t get more of a cipayo.

According to reports, the national government and the province of Mendoza signed the contract for the transfer of IMPSA shares on Tuesday, which is the first privatization of the Javier Milei government. The signing took place yesterday at noon at the company's facilities located in Godoy Cruz.

For its part, ARC Energy has established a schedule of financial disbursements aimed at capitalizing the company.

As we previously reported, Arc Energy made a capitalization offer of $27 million, of which it had already invested $7 million, subject to an integration schedule according to the company's needs with a sequence of disbursements until the first half of 2026, in addition to the negotiation of a debt restructuring of almost $576 million that IMPSA has with Banco Nación , BICE , IDB , Grupo Moneda , Banco de la Provincia de Buenos Aires , Banco Hipotecario , Export Development Canada , Corporación Andina de Fomento , the Brazilian bank Bradesco and holders of Negotiable Bonds.

One of the key points of the negotiation was the payment structure of the debt. ARC Energy proposed a capitalization and restructuring scheme with unfair conditions, as we anticipated in Agenda Malvinas.

According to TN, “the Ministry of Economy headed by Luis Caputo indicated that in order to definitively seal the transfer, ARC Energy had to obtain the consent of the creditors for its renegotiation. Once this condition was met, the contract for the purchase and sale of shares would be drawn up for their subsequent transfer.” Despite this being the condition, the TN portal reports that the American investors are seeking to renegotiate and have an agreement in principle for next month with Banco Nación , BICE and the IDB , IMPSA ’s main creditors.

As reported by Infobae, ARC Energy “established a payment schedule to capitalize IMPSA in different stages:

•     USD 6.75 million at the time of signing the contract, as a contribution towards the capital increase.

•     USD 5 million within the first three months after closing of the transaction.

•     USD 3 million within six months of the closing date.

•     USD 5 million to be disbursed during 2025.

•     USD 2.25 million within the first quarter of 2026.

•     USD 5 million within the first half of 2026.”

In this way, ARC Energy kept 84.9% of the class C shares that currently belonged to FONDEP, 63.7%, and the remaining 21.2% to the province of Mendoza. 5.3% (class A shares) will remain in the hands of the Pescarmona family and 9.8% (class B shares) in the hands of the creditors.

Sources:

for example

Malvinas Agenda

Infobae

TN