Grassi Clears Hurdle to Take Over Distressed Argentina Soy Giant
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Grassi SA, one of Argentina’s top grain brokerages, cleared what could be the last hurdle to take over distressed exporter Vicentin SAIC, whose assets include a significant stake in the world’s biggest soybean crushing plant.Judge Fabian Lorenzini dismissed objections led by a Louis Dreyfus Co. venture against the deal that Grassi struck with a majority of creditors holding $1.3 billion of defaulted debt from Vicentin. If finalized, the restructuring could mark the end of a six-year bankruptcy case that upended Argentina’s multibillion-dollar soy industry.