Vicentin SAIC, Argentina’s biggest shipper of soybean meal and oil, has asked a court to begin bankruptcy-protection proceedings after being caught out by recurring crises in the South American country, reports Bloomberg Law.
The crop trader, which owes about $1.3 billion to suppliers and lenders, declared itself in financial stress two months ago and has been in preliminary talks with banks and farmers over how to repay debts.
The board announced the filing of Argentina’s equivalent of Chapter 11 in a statement distributed by an external public relations representative Monday.
