Argentine court to rule on winning Vicentin bidder, Clarín says

An Argentine court will decide on the winning bid for control of Vicentin SAIC after two bidders made competing claims of securing enough support from creditors of the bankrupt Argentine soy export giant, Clarín reported.

Grains brokerage Grassi first announced Friday its restructuring offer met the minimum threshold of acceptance from a majority of creditors representing at least two-thirds of the US$1.3 billion worth of unsecured debt in Vicentin, according to the newspaper. 

But the rival Molinos Agro and Louis Dreyfus Co consortium later said they submitted the winning offer and argued that support from Avir South SARL, Commodities SA and Vicentin Paraguay SA for Grassi’s offer are invalid, Clarin reported. Judge Fabian Lorenzini, who is overseeing the process, will decide the winning bid.

Vicentin, which entered bankruptcy protection five years ago after a US$1.5-billion default, owns a 33 percent stake in the world’s biggest soy-processing plant in Rosario, Argentina.