Argentine soy crushing giant Vicentin has halted its operations as the company battles to restructure its debts after defaulting earlier this month, two industry sources with direct knowledge of the situation told Reuters.
The production halt affects crushing at Vicentin’s three main plants, which combined have daily soybean crushing capacity of around 40,000 tonnes, and could ripple through global markets and hit domestic supply of edible oils.
Vicentin has around $350 million in outstanding payments to suppliers, while financing deals with local and international banks add up to well over a billion dollars.
