Brazil Judge Moves Imcopa Plant Sale as Bunge Seeks More Info

A Brazilian bankruptcy judge has pushed back the sale of two soy crushing plants after U.S-based grain trader Bunge Ltd alleged the seller provided insufficient information about the assets, according to court filings seen by Reuters on Friday. The auction of the two plants by privately owned Imcopa group, rescheduled to Feb. 17 from Dec. 4, is part of the seller’s plan to emerge from bankruptcy. Imcopa and a court-appointed judicial administrator agreed to cancel this week’s auction of the two strategic plants in Paraná state, court documents showed. Bunge owns most of Brazil’s oilseeds crushing and refining facilities, with 12, followed by Cargill with eight, according to industry group Abiove data from 2018. One of Imcopa’s plants is 100 km (60 miles) from a key port and produces soy protein concentrate used to make livestock feed. Read more.

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