Ivorian Cocoa Shipper's Liquidator Is Said to Open Asset Bidding

The liquidator of Ivorian cocoa exporter Saf-Cacao opened bidding for the company’s assets after the government turned down a request from lenders to halt the shipper’s collapse, according to two people familiar with the matter. Banks have made little progress in their attempts to prevent the demise of Saf-Cacao, one of Ivory Coast’s top cocoa exporters, which was placed under liquidation by a court in the country’s city of San Pedro on July 18 upon the request of industry regulator Le Conseil du Cafe Cacao, Bloomberg News reported. Lenders in the country, which are owed an estimated 150 billion CFA francs ($258 million) by the company, have argued they stand a better chance of being repaid if Saf-Cacao is allowed to continue trading, people familiar with the matter said last month. Read more.