Grassi Makes Offer to Vicentin Creditors as $1.3b Cramdown Opens

Grains brokerage Grassi has published the terms of its restructuring offer to holders of $1.3 billion of unsecured debt of distressed Argentine soy exporter Vicentin, as a legal process called cramdown officially opens, Grassi said in a statement.

• Deadline to gather creditor approval is Oct. 31: statement
• NOTE: The other competitors that can offer in the cramdown are Bunge, a JV between LDC and Molinos Agro and cooperative Union Agricola de Avellaneda
• NOTE: Distressed Trader’s Soy Can Feed Pigs in Argentina, Suitor Says
• NOTE: Cargill Said to Back Creditor Chasing Stake in Massive Soy Plant
• NOTE: Distressed Fund Wins ...