Nearly three years after agribusiness export company Vicentin defaulted, with $1.3 billion in debt and 1,700 creditors, the Santa Fe Supreme Court of Justice has referred the case back to bankruptcy judge, Fabián Lorenzini, and has closed the judicial proceedings to the approval of the agreements to pay off the debt.

In a unanimous ruling, the 7 judges of the Santa Fe supreme court rejected the summons request filed by one of the creditor companies, Commodities SA, linked to the Grassi brokerage, and resolved to “refer the proceeding to the court of origin” , the Civil and Commercial n. 2 of Reconquista, by Fabián Lorenzini.

Although the practice has been practically paralyzed since June, a few days after the expiry of the “exclusivity period” for the debtor company to reach a payment agreement, the two requirements established by the Bankruptcy Law were met: the 50% guarantee of the capitas (individual creditors) and of the holders of 66% of the amount owed.

Therefore, although the judgment of the Court of Santa Fe contains non-binding considerations for Lorenzini to take into account, it is estimated that in the coming weeks, the magistrate of first instance will approve the payment agreement and pave the way for Vicentin to start paying your debt.

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