Grassi SA has requested the approval of the preventive agreement reached within the framework of the rescue process for Vicentin SAIC, in response to the challenges filed by LDC Argentina and Molinos Agro, as revealed in a judicial document seen by the Argentine News Agency. In its filing with the Civil and Commercial Court of Reconquista, Grassi emphasized that it obtained the majorities required by the Bankruptcy Law, with the support of 66% of the computable creditors and 84.99% of the verified capital, which, it indicated, makes it the only bidder in a position to achieve approval. The company rejected the challenges from LDC and Molinos, whom it termed as 'unsuccessful cramdown creditors,' and accused them of attempting to force the bankruptcy of Vicentin with 'false and flimsy' challenges. 'No one was forced to sign any contract at gunpoint,' the document stated. According to the Argentine News Agency, the judge must decide whether to approve Grassi's proposal or declare the bankruptcy of Vicentin, with no possibility of new offers. Grassi also criticized their attempt to exclude creditors who voted in favor of its proposal from the count, while they would have acted similarly without objections. 'The process is at a binary decision stage: approval of the agreement or bankruptcy of the debtor,' Grassi stated in the document, where it recalled that the judge had already declared the existence of majorities on November 11 and enabled the period for challenges. Furthermore, the company argued that the challenges regarding the supposed abusiveness of its proposal lack substance, and defended the design of the alternatives offered to creditors, pointing out that they chose freely and with full information. Regarding the claims about the exclusion of votes and credit assignees, Grassi maintained that such objections are untimely, that the bankruptcy law does not foresee such restrictions in cramdown processes, and that both the trustee and the court itself had admitted the computation base without prior challenges. In relation to the supposed control over other creditors (such as Avir South SARL or Vicentin Paraguay SA), it denied any corporate ties that would prevent their participation and dismissed the arguments as 'unproven journalistic conjectures'. Finally, the firm stressed that its proposal does not impose abusive or coercive obligations on creditors, and that it even made tools such as web simulators available to evaluate each alternative.
