Argentina Soy Crusher Vicentin Turns to Courts for Debt Restructuring

Argentina’s top exporter of processed soy, Vicentin, has asked a judge to begin negotiations for debt restructuring, the company said on Monday, as the firm struggles to cope with a widening economic crisis in the South American nation, Reuters reported. The near 90-year-old firm, which defaulted on payments to suppliers late last year, was forced to sell part of its stake in a joint venture with Glencore in December, as its plans for expansion collided with Argentine financial woes. The company said in a statement it would seek a “restructuring of its debt in conditions and terms that are mutually beneficial to both creditors and the company.” The soy crusher went on a credit-fueled expansion last year before political uncertainties sparked a market crash and led international banks to pull back from the South American grains powerhouse, further pressuring the company. Read more