Six years after late payment was discovered Vicentin SAIC is facing a new stage after the change of ownership and name. The largest grain company in Argentina played the leading role in the largest default in the country’s historyas it filed for bankruptcy in February 2020, owing 1,700 creditors $1,333 million.
Now, passed into the hands of the grain brokerage company Grassi SA – Rosario company with 137 years of experience in agriculture – and is preparing to reactivate the businessNickname New Vicentin Argentinamodernizes its infrastructure, expands its production and resumes its exports.
The transfer of his share package to Grassi has been formalized after the Civil and Commercial Court of the second appointment of Reconquista, in charge of the judge Fabian Lorenziniissued a regulation to make the transfer effective in accordance with the approval decision of the competition after the development of the collapsewhich allowed the presentation of various alternatives, of which Grassi prevailed, who managed to gather the necessary legal majorities among the creditors and overcome the objections raised.
In a statement released on Friday, the company said that this act had again left its mark the constitution of a new boardconsisting of Mariano Grassi as president, Leandro Salvatierra as vice president and Hugo A. Grassi as a director.
“In this way a significant formal step that marks the birth of Nueva Vicentin Argentinawhich is built on the roots of an unparalleled industrial history, the commitment and performance of its employees who have been able to maintain the functioning and operations of the company in such difficult times, and the drive of a group of companies with one 100% integration of Argentine capital“, he emphasized.
“It is on this basis that we strive for this This is a major protagonist of the agro-industrial sector and enriches the entire agricultural export chain with an associative vision that promotes and values every connection,” he added.
And he concluded the text: “A phase begins that challenges and inspires us in equal measure, characterized by work, commitment, transparency and growth. In the pursuit of these goals.” We will invest our greatest efforts and our skillstogether with our business partners, our employees, our workers and all the communities connected to each production unit of the company.”
The new management of the company explained Clarion The You will not sell any assets. We won’t sell any, they stressed.
This is what they added “An attempt is made to bring all systems to optimal productivity.“It is difficult to give figures,” they answered when asked about the planned production targets and also refrained from giving investment figures, but assured that “they are enormous.”
“The condition of the assets must be assessed. They will all be placed in the stateafter years of delayed investments. And there are commercial agreements with Bunge And Cargill“, they explained the renovation plan for the facilities, which have received minimal maintenance over the last five years.
In return, they expected it All units of the so-called “North Node” of Santa Fe will be reactivatedincluding an abandoned feedlot, with an estimated capacity of 30,000 to 35,000 cattle.
Aside from that, The bioethanol and Burlada production plant will be integrateda by-product that arises from the production of bioethanol from corn.
With its current facilities, the agricultural exporter has the capacity to do this process more than 8 million tons of soybeans, sunflowers and corn, in addition to the ability to export grain through its shipping terminal.
This Monday, the first working meeting takes place in the Ricardone and San Lorenzo plants, which are dedicated to the milling of oilseeds. The company’s directors and top managers will be present.
In this way, The cereal company is opening a new chapter in its history and leaves behind a journey of intense controversy, such as the failed expropriation attempts in June 2020 Alberto Fernandez – which led to massive demonstrations in the middle of the pandemic – ending one of the longest disputes in the agribusiness sector in recent decades.
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