Overview

• Cargill Argentina confirmed preliminary, strictly commercial discussions with Grupo Grassi focused on milling and by-product sales, stating there is no partnership or equity involvement.
• Grassi/Commodities is competing in the cramdown with Bunge Argentina, Unión Agrícola de Avellaneda, and a joint offer from Louis Dreyfus Company and Molinos Agro.
• Each qualified bidder deposited a 1.1 billion peso guarantee, with 25% applied to judicial costs and the balance refundable to unsuccessful offerors.
• Judge Fabián Lorenzini is expected to open the etapa de conformidades in October, when the court-set share value will be finalized and bidders seek creditor acceptances.
• A court valuation on file indicates Vicentin’s net equity is roughly $1 billion negative, pointing to limited creditor recovery as plants continue under tolling contracts with frequent breakdowns that constrain output.