Yesterday, the creditors’ meeting ratified Consultores A-1 as liquidator of Doe Run Peru. The parties also signed a settlement agreement. The Republic talked with Hector Iliarte Tejadageneral manager of Consultores A-1, who is convinced that he will be able to complete the sale of the mining company’s assets within the established period.
There was talk of a possible change of liquidator and the communities even took over the mine in protest, what happened?
The communities disagreed with that change. That was not going to be possible thanks to the fact that legally we had already been appointed by Indecopi’s bag. The fact of changing liquidator would have led to me being removed as liquidator to appoint another, but that was not an agenda item at the meeting. If it had happened, it would have been an inconsistency and therefore the designation would have been dropped.
In the morning the meeting of creditors was held, what did you agree on?
What was agreed upon was the ratification of A-1 Consultants as liquidator of Doe Run and an agreement was reached on the liquidation agreement. Part of the conditions in which we have taken the case and all the problems we have had with Sierra Alta (former liquidator) was also given.
What is the settlement agreement?
The agreement meets the needs and requirements of Doe Run’s creditors. Our function as liquidators is to comply with what they agree on. In this case, what has been agreed upon is the sale of the Cobriza mining unit and the La Oroya metallurgical complex. All this respecting the rules and procedures established in the bankruptcy law.
What is the sale term that has been established for the sale?
The deadline for closing this case is a maximum of six months. We have been working since January 25, when we have been designated as liquidators. I am sure that we will finalize the sale within that period.
What would happen if the sale is not completed in that period?
It would be breaching what is established in the agreement and could be subject to withdrawal as liquidator for not having met the established goals, which we ourselves have proposed as the deadline in the plan that we have prepared more than a month ago.
In recent years, various liquidators have passed without finalizing the operation, what are the different from you?
What makes us different is that we already have firm proposals, which are binding with the needs of the creditors and which are stipulated in this agreement.
Who are those proposals?
We have several proposals that have been sent to us. I want to keep them in reserve because I want to have the firm proposals. I want to meet with them and firmly state what they are proposing in their letters, especially the link, because I want whoever buys the mine to have a link with the liquidation agreement, which stipulates several points in favor of the creditors.
What kind of companies are they?
Most of them are international companies. The one with which we have had the greatest rapprochement is English.
How much is the proceeds from the sale of Doe Run’s assets?
We have the sale price of the Cobriza mining unit, which is US$19,600,000. In the metallurgical complex (La Oroya) what we have to do is carry out an appraisal. We are quite advanced. We are in the facilities of the complex doing that work. We will have it ready in the next few days to be able to present it to the creditors for their approval.
Source: Larepublica
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