Vicentin likely to resume crushing activities in 10 days: source

Argentina's cash-strapped oilseed crusher Vicentin is likely to resume operations at its crushing plants in San Lorenzo, Santa Fe Province within the next 10 days, a source with knowledge of the matter told Agricensus.

During a meeting with oilseeds crushing workers and officials of the Santa Fe’s Labor Ministry on March 9, the company also committed not to dismiss workers once activities were resumed.

The company currently has 1,900 employees.

In December, Vicentin defaulted on paying grain suppliers and brokerage firms as the company struggled to make debt repayments.

Producers immediately suspended trade with the crusher, and crushing facilities were stopped.

Since then, Vicentin has suspended crushing activities and only maintained minimum guards during these months.

A judge in Santa Fe recently approved the start of a bankruptcy protection process requested by Vicentin in February, as the firm maintains attempts to restructure its huge debt.

Vicentin currently owes approximately $350 million to grain suppliers.

The firm’s overall debt including local and foreign banks reaches $1.5 billion.

The start of the bankruptcy protection process will allow Vicentin to start working in some toll agreements, according to local press reports.