Grassi S.A. announced on Friday that it had "widely" secured the required majorities of capital and creditors in the cramdown process of the agro-exporter Vicentin S.A.I.C.
The competing party for Grassi is the consortium formed by Molinos Agro – Louis Dreyfus Company (LDC). The firm has requested before the First Instance Court of District in Civil and Commercial Law of Reconquista, Santa Fe, Judge Fabián Lorenzetti, the judicial homologation and adjudication of the corresponding shares.
"We wish to formally thank the enormous majority of creditors who accompanied with their vote and conformity the proposal we presented to the aim of recovering a company of the enormous magnitude and transcendence that Vicentín has for the entire agribusiness sector," the company expressed in an official statement.
According to the company, its proposal seeks "to honor and respond to the incurred debts, repair the harm caused to so many producers and creditors in general who suffered a serious impact due to this situation, and recover and sustain the company's operational capacity".
The initiative presented by Grassi received sufficient backing to meet the conditions established by law in this type of process.
Upon obtaining judicial approval, the company will take control of Vicentin, one of the most emblematic companies in the Argentine agribusiness sector.
"We are proud to have been able to represent that entire great universe of fundamental actors in the industry with a proposal according to their expectations, which was designed to get Vicentín back on its feet, restore the shine and prominence it once had, and take it to the next level of competitiveness and excellence," they indicated.
Finally, Grassi stated that she is aware of the "enorme commitment" assumed and showed confidence in the path begun and in the companies that will accompany this new stage.
The Grassi board highlighted that it has been an "active protagonist in the search for a solution" since Vicentin's default more than five years ago, which led to an extensive and complex bankruptcy process.
