Cooperative Backs Louis Dreyfus JV in $1.3b Vicentin Cramdown

Union Agricola de Avellaneda is backing a restructuring proposal by Louis Dreyfus-Molinos Agro, a rival in the cramdown of distressed Argentine soy exporter Vicentin, it said in a statement.

• UAA would manage some of Vicentin’s operations if LDC-Molinos wins, calls on its members to adhere to the offer
• NOTE: UAA is one of four outfits that paid to enter Vicentin’s cramdown, a legal process where they compete for creditors’ votes to restructure $1.3b of debt in a bid to take over the company
  • Outfits have until end-of-month to gather votes
  • The other three are LDC-Molinos, ...