Grassi Begins to Gather Creditors in $1.3 Billion Vicentin Case

An offer by Rosario grains brokerage Grassi to restructure $1.3 billion of Vicentin SAIC’s unsecured debt has started getting approval from creditors, Chief Executive Officer Mariano Grassi said.

• Grassi, which needs to gather minimum approval thresholds by the end of the month, said the offer has so far been accepted by ~30% of 1,600 creditors holding almost 60% of the $1.3 billion
• NOTE: Bidders need more than half of the number of creditors representing at least two thirds of the value of the debt to be able to take over the distressed soy exporter
• NOTE: Grassi, which forced the ...