Frenzied race for Vicentin: Grassi achieved the majority of agreements at 1:36 PM and Molinos Agro-LDC at 5:13 PM

The latest documents related to the judicial process of the "cram down" of Vicentin SAIC reveal that the Grassi group managed to take over the company by achieving the majority of the agreements at 1:36 PM on October 31, while the competing proposal, designed by Molinos Agro and Louis Dreyfus Company (LDC), reached the required majorities at 5:13 PM on the same day. It is worth remembering that in the "cram down" process, the winning proposal is the one that first obtains the numerical and capital majorities, that is, half plus one of the creditors and two-thirds of the bankruptcy debt. The difference of just four hours and twenty-three minutes reflects the busy competition between the two competing proposals, which battled it out at the end of the process – the "cram down" expired on October 31 – to finally declare the group led by Mariano Grassi as the winner. Bankruptcy judge Fabián Lorenzini determined yesterday that the first to communicate the obtaining of sufficient ...