Weeks ago, from Agenda Malvinas , we reported on the first privatization of the Javier Milei government and how it confirmed the continuity of “crony capitalism” in Argentina, because his government, together with that of the province of Mendoza led by Alfredo Cornejo , confirmed that the shares of the company IMPSA -Industrias Metalúrgicas Pescarmona SA- would be pre-awarded to the American consortium Industrial Acquisition Find (IAF) and its main partner ARC Energy , a company linked to Donald Trump .
The IAF offered 27 million dollars in capital contribution subject to an integration schedule according to the needs of the company and requested a deadline until January 31 to obtain the refinancing of the debt it has with IMPSA creditors, which amounts to 576 million dollars.
As reported by the DataDiario portal, the company was sold off to a friend of Donald Trump: Industrial Acquisition Find, LLC (IAF) and its partner Arc Energy .
According to the Director of the SME Brand Consulting Firm, Pablo Bercovich , reported on his X account that after the government of Mauricio Macri and IMPSA 's businesses in Venezuela and Brazil that were not favorable, the company turned to the national State, which in 2020, together with the government of the province of Mendoza, capitalized the company with 20 million dollars and kept 85% of the shares.
"From 2021 to 2023, they won many tenders around the world, including with the US Navy ," Bercovich explained. With the help of the State, IMPSA was normalized and losses were reduced to zero.
Although the outlook for 2025 was favorable for IMPSA , according to DataDiario, Milei's government paralyzed the company when it took office and in 2024 IMPSA did not participate in any tenders, nor were there any sales .
According to Forbes, ARC Energy is a “world leader in the manufacturing and marketing of plants and equipment in the Oil & Gas industry” . It is based in Houston, the most populous city in the state of Texas and the fourth in the United States. More precisely, it is located in the southeast of Texas, near the Gulf of Mexico, which Donald Trump wants to rename as the “Gulf of America” .
For its part, the portal Brasil247 highlights that Jason Arceneaux , He is the CEO of ARC Energy and also a partner and founder of IAF . A Venezuelan national , he was a contributor to the campaign of the President of the United States, Donald Trump .
Arceneux is the President of ARC Energy and also chairs the company's Board of Directors, which also includes Mikey Mahoney , Vice President of Business Development; Dennis Thomas , Vice President of Product and Technology; Eric Kaufman , Vice President of Commercial Operations; and Tom Gardner , Chief Executive Officer.
Like Arceneaux , several of its directors were active donors to Republicans in the United States and met with Trump 's team at Mar-a-Lago, the latter's luxurious residence in Florida.
Even Mike Pompeo , former Secretary of State in the Trump administration (2018-2021) and former director of the CIA (2016-2017), is currently an advisor to ARC Energy on an oil project in Guyana.
The Contexto portal pointed out that ARC Energy has already presented a formal offer to creditors and the letters of intent and agreement will possibly be signed next week. “The company’s critical economic situation does not allow the signature to be delayed much longer,” commented a source familiar with the negotiations. “The creditors know that this is their last chance to collect something,” he added. Among them are Banco Nación and BICE , but the obligations also transcend borders and reach the Grupo Moneda de Chile and the multilateral bank IDB .
For the debt restructuring, ARC Energy hired the consultancy firm Adcap Securities LTD, which has been in dialogue with creditors for some time.
Of all the creditors, the one to which IMPSA owes the most is Banco Nación . According to reports, the offer made by ARC Energy includes a leonine reduction of the capital owed , a formidable reduction in interest and includes payments over a very long period , which should be statutorily unacceptable for Banco Nación . Although the Statute of Banco Nación will surely not be an obstacle for Milei 's lackey government when it comes to satisfying the interests of its northern boss: Donald Trump .
In fact, the Moneda Group is another tough nut to crack to get them to accept the formidable renegotiation of the IMPSA debt, which was apparently very tough to accept.
For this reason, in both cases ARC Energy hopes that Milei 's government will intervene so that both creditors accept, since in addition to the influence over the board of directors of Banco Nación , the government has a card up its sleeve: the Vice Minister of Economy, José Luis Daza .
Daza , a Chilean national, ultra-liberal and former colleague of the minister, Luis Caputo , at JP Morgan , had rejoined the board of Moneda SA Administrator General de Fondos as a director in January 2020 and held that position until August 2024 when he took over as Deputy Minister of Economy in our country.
ARC Energy has already designed the business plan for IMPSA , which, according to Contexto, will focus on three sectors.
The first is the production of reactors for which a greater use of nuclear energy is expected, which is expected to supply the growth in energy demand from artificial intelligence. “IMPSA's nuclear plan is already in the hands of the Trump government,” commented a source familiar with the arrival of the new administration. Also in Argentina, Milei recently announced the launch of a nuclear plan.
The second focus of the crane-producing metallurgical company will be on the port sector. The United States is expected to replace port cranes that are of Chinese origin with supplies of Western technology.
The third point will be the maintenance and provision of inputs for hydroelectric plants, especially in Argentina, where concessions began to expire in 2023 and changes are expected in the sector.
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