Top Argentine Soy Exporter Vicentin Files for Bankruptcy
Vicentin, one of the top Argentine exporters of soy and soy products, has requested the national court begin bankruptcy protection proceedings on its behalf.
After being in business for nearly 90 years, the company announced in December 2019 that it was facing financial challenges, and was undertaking a process to restructure its debt payments to its creditors. As part of this plan, the company halted crushing at select plants, was conducting negotiations to sell off other assets, and had requested assistance from the government.
That same month it also was reported that Vicentin sold off its stake in Renova - a joint venture with Glencore Agriculture; putting Glencore in the position to acquire another 16.67 percent in the venture, bringing its total stake in the venture to 66.67 percent.