Court to Rule on Winning Vicentin Bidder
An Argentine court is set to decide on the winning bid for control of Vicentin SAIC, a bankrupt soy export giant, after two bidders made competing claims of securing enough support from creditors.
According to Clarín, Grains brokerage Grassi announced that its restructuring offer met the minimum threshold of acceptance from a majority of creditors, representing at least two-thirds of the $1.3 billion worth of unsecured debt in Vicentin.
- Grassi's offer was reportedly supported by a majority of creditors.
- Rival consortium Molinos Agro and Louis Dreyfus Co submitted a competing claim, arguing that support for Grassi's offer from certain entities is invalid.
The support from Avir South SARL, Commodities SA, and Vicentin Paraguay SA for Grassi’s offer are argued to be invalid by the rival consortium.
The court's decision will determine the winning bidder for control of Vicentin SAIC.
Author's summary: Court to decide on Vicentin SAIC bid winner.
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