High Court Ruling Hampers Bunge Rescue of Argentina Soy Exporter

The top court of Argentina’s Santa Fe province ruled that a rescue deal by Vicentin SAIC for a restructuring of its debt and a takeover led by Bunge Global SA is unconstitutional, in agreement with a hostile creditor.

• The justices will now send the bankruptcy protection case to a lower court, which will decide how to proceed
• Their ruling paves the way for a cramdown, where Vicentin and the Bunge-led group would be able to resubmit their proposal against competing bids, including from the hostile creditor, a unit of the Grassi Group
• But other options may be available to the ...