Overview
- Judge Fabián Lorenzini confirmed Vicentin’s equity has no positive value based on an auditor’s finding that liabilities exceed assets.
- The concurrence period is now open with an informational hearing on October 24, and any plan must win over 50% of creditors and two‑thirds of capital by October 31.
- Grassi SA filed the first proposal, converting peso claims to dollars at $60.78 and creating a single creditor class with elective recovery options tied to grain supply and financing.
- The plan offers up to 200% recovery for soybean deliveries within capped volumes, immediate cash payments of 9–11% with limited quotas, 30–40% over 10 years for deferred cash, and an option to capitalize up to 30% of shares.
- Reporting indicates Grassi’s bid has an understanding with Cargill as a strategic partner, while Bunge, Molinos‑LDC, Unión Agrícola and Commodities are authorized to compete, and failure to reach the thresholds would lead to bankruptcy.