Terrorists Found In Argentina!

[Bajo_cero2]

Well, here is another difference between a prívate jurídic person and a country: the last can prosecute you for terrorism.

Where is Don Alberto every single time his asserts sinks?

 

[GS_Dirtboy]

**One would think that insolvency is a term that Christina would be familiar with.**

CHICAGO, Aug 16, 2014 (GLOBE NEWSWIRE via COMTEX) --

R. R. Donnelley & Sons Company RRD -0.93% issues the following letter concerning the filing for bankruptcy on Monday, August 11, 2014 by R.R. Donnelley Argentina S. A. ("RRDA"), a subsidiary of RR Donnelley & Sons Company, with the Argentine Court.

Thomas J. Quinlan, President and Chief Executive Officer of RR Donnelley & Sons Company, states that it was after much discussion, thought, and the consideration of many alternatives to preserve operations, that RRDA made the difficult choice to file for bankruptcy liquidation in Argentina after 22 years in operation.

• The printing industry in Argentina has been struggling to be profitable for some time and the outlook for improvement of industry sales is not positive.
• The business of RRDA is not solvent.
• RRDA has experienced a decrease in sales and does not foresee any improvement in the foreseeable future.
• At every point in this decision, RRDA followed all Argentinian laws and regulations as they apply to these business decisions.

During the analysis of alternatives, many discussions and considerations took place including, among other things, the following:

• RRDA obtained a Programa de Reproducción ("Repro") in September 2013. However, the local union elected not to sign it thereby preventing RRDA's proposed corrective actions and therefore worsening even more the economic and financial situation.
• For three months RRDA had multiple meetings directly with the national and local unions in advance of filing bankruptcy seeking a Crisis Prevention Plan (requesting a reduction of headcount in order to draw closer to profitability), but no solutions were acceptable to the unions.
• RRDA met with and filed a petition with the National Ministry of Labor proposing a reduction in headcount at the facility. This was also brought to the Provincial Ministry of Labor. Prior to filing for bankruptcy, both Ministries of Labor informed RRDA that they did not support the proposal.

Because RRDA was left with no other solutions for the many crises facing it, including rising labor costs, inflation, materials price increases, devaluation, inability to pay debts as they become due, and other issues, the independent decision was made to file for bankruptcy.

In arriving at the decision, neither RRDA nor RR Donnelley & Sons Co. discussed its intentions with any other company, stakeholder or bondholder. We have absolutely no relation to the current situation with Argentina's bondholders.

The bankruptcy petition filed on August 11 was approved by the court shortly thereafter and a trustee was appointed. This was quickly done, as it is usual in these cases, so as to protect and preserve premises, workers, facilities and creditors. We believe this issue will be best resolved by the court and the trustee.
At base, the business of RRDA is not solvent and that reality was the sole driver of the business decision.

 

[ghost]

RRDA's arrangements and attempts to stay solvent have been highly viable for a year....and yet Xtina is surprised. It is very, very difficult to do business in a country that hates business.

 

[dennisr]

Have an AR friend that is in the printing business and he cannot obtain quality ink because of import restrictions. He or someone in his family makes a trip outside the country and purchases inks and hauls them back. Bribes a customs guy to look the other way. He also is about to call it quits, employs about 40 people. A dentist friend does the same thing, travels outside the country to buy quality adhesives and hardware, cannot obtain in country because of import restrictions. Train wreck in the making for quite some time: import restrictions.

 

[camberiu]

RRDA's arrangements and attempts to stay solvent have been highly viable for a year....and yet Xtina is surprised. It is very, very difficult to do business in a country that hates business.

Nah, it is lack of patriotism. Elsewhere in the world, including Brazil, the bourgeois are "patriotic". For some mysterious reason, in Argentina they are not. It has nothing to do with taxes, uncertain economic climate, inflexible labor laws, bureaucracy or inflation.

 

[ajoknoblauch]

Nah, it is lack of patriotism. Elsewhere in the world, including Brazil, the bourgeois are "patriotic". For some mysterious reason, in Argentina they are not. It has nothing to do with taxes, uncertain economic climate, inflexible labor laws, bureaucracy or inflation.

It's not just "lack of patriotism." It's outright subversion.

 

[Matiasba]

Nah, it is lack of patriotism. Elsewhere in the world, including Brazil, the bourgeois are "patriotic". For some mysterious reason, in Argentina they are not. It has nothing to do with taxes, uncertain economic climate, inflexible labor laws, bureaucracy or inflation.

Finally someone says the same thing I ve been saying here for a long time. One of the problems of Argentina is that we dont have a patriotic upper class. (unlike Chile, Brazil, Mexico, Colombia, etc)

 

[camberiu]

Finally someone says the same thing I ve been saying here for a long time. One of the problems of Argentina is that we dont have a patriotic upper class. (unlike Chile, Brazil, Mexico, Colombia, etc)

Must be genetic or something in the water.

 

[ajoknoblauch]

Finally someone says the same thing I ve been saying here for a long time. One of the problems of Argentina is that we dont have a patriotic upper class. (unlike Chile, Brazil, Mexico, Colombia, etc)

Irony deficiency claims yet another victim!

 

[Matiasba]

Irony deficiency claims yet another victim!

i didnt get it.

But now I do, and besides this case it surely this thing happens and is distinctive of Argentina. People that make money here (talking of big money) do not re invest it here, they take it away, they do not trust this country whether it has a friendly government or not. Its like schizofreniac, not trusting the place that gives you the money!! Brazil for example has an upper class that believe in their country, the big important Brazil economy we have today is a result of the creation of Brazils bourgeois since 1964. The same happened with Chile, all military governments with that task, but in Argentina that went wrong.