Argentine Soy Giant Vicentin Buckles Under $350 Million In Debts

Argentine soy crushing giant Vicentin is struggling to repay over $350 million in debt and some plants are likely to halt production while it seeks relief amid an economic slowdown in the country, a source close to the firm said on Thursday, Reuters reported. The grains crusher, Argentina’s top exporter of processed soy last year according to government data, said it had been hurt by increasing financing costs and rising country risk, and was looking at how to meet its obligations. “We are evaluating different alternatives and working to meet the commitments made,” the firm said, adding that it had operated continuously for 90 years. Vicentin’s payment crisis underscores the major challenge facing the new government of President-elect Alberto Fernandez, who takes office next week looking to revive growth and raise funds to service mounting debts. Read more