Buenos Aires, December 18, 2019. Last week we wrote about the delicate situation of the local oilseed industry Vicentin. It is estimated that the debt of the company is around one thousand million dollars, a third of which is with the public Argentine banks.

This shot versions about the possibility that the national government could switch debt by shares and take a relevant portion of the company. Could Vicentin end up as a state-owned grain company? But today it was known that their partner in the Renova plant (the largest soybean crushing complex in the world), Glencore, bought 16.7% of the shares from Vicentin. Now, Glencore is the majority shareholder of Renova, controlling 67% of the capital, while the remaining 33% continues to be held by Vicentin.

Since the beginning of the crisis, in eFarmNewsAr, we have considered that global trading company Glencore could rescue his partner at Renova, taking control of the JV. Money transferred from Glencore had been used to pay creditors from around USD 350 million. The company expressed, via a press release, that the operation had been closed on December 2, before declaring the “financial stress” and that no new asset sales would take place.

But the crisis continues. The three Vicentin plants are stopped, and in the social networks, farmers ask themselves whether Vicentin would finally be able to cancel their obligations with the grain sellers. They think the macroeconomic instability could haul other domestic ag-industrial companies, affected by difficulties of access to credit.