A court in Reconquista, Santa Fe, has authorized the formal transfer of control of Vicentin S.A.I.C. to the Grassi family, and a new governing board has been established for the company, which will operate under the name “Nueva Vicentin Argentina (NVA).” The decision follows a homologation order issued by the Civil and Commercial Court of Second Nomination of Reconquista, under Judge Fabian Lorenzini, which made effective the share transfer to Grassi S.A.
The newly constituted board is composed of Mariano Grassi as President, Leandro Salvatierra as Vice President, and Hugo A. Grassi as Director. Company representatives emphasized that, despite recent difficulties, the new leadership has maintained the firm’s operations and preserved its functionality. They highlighted that the acquisition results in a business structure fully integrated with Argentine capital, describing the change as a significant formal milestone in the rebirth of Vicentin under a renewed identity.
Statements released by the company framed the transition as the beginning of a new chapter built on the firm’s industrial history and the commitment and ability of its workforce. The company expressed an intention to concentrate its efforts and resources on strengthening the enterprise, working closely with commercial partners, employees, and the communities connected to each production unit. In that context, NVA aims to play a prominent role in the agroindustrial sector and to add value to the entire agricultural export chain by fostering an associative approach that supports each link in the chain.
The court’s approval followed a process in which other interested parties had raised objections. Judge Lorenzini dismissed challenges presented by Molinos Agro and Louis Dreyfus Company (LDC), which had also sought control of the company. With those objections resolved in favor of Grassi S.A., the transfer advanced to completion, enabling the formal installation of the new board and the start of operations under the NVA name.
A central issue going forward is the company’s outstanding liabilities, especially the relationship with its principal creditor, Banco Nacion. Under the current arrangement, Banco Nacion holds a combination of unsecured debt (debt quirografaria) and portions with privileged status. The distinction matters because creditors with privileged claims have different rights in insolvency or restructuring processes. For privileged creditors to participate in decisions as if they were unsecured creditors, they would need to waive their privilege, something that rarely occurs in practice.
Mariano Grassi, in a recent radio interview, explained that negotiations with Banco Nacion will be complex and will require careful handling. Since the Grassi group assumes responsibility for the entire company, it will also assume responsibility for the debts generated before, during, and after the previous insolvency procedures. Grassi noted that a portion of the debt is classified as post-bankruptcy (posconcursal), meaning those obligations accrued after the initial insolvency filing for various reasons and therefore need to be addressed as part of the ongoing settlement. He emphasized that the company intends to honor its debts according to the categories and priorities established by law and by the choices of the creditors, and that unsecured creditors will receive payment consistent with their category.
In practical terms, resolving the Banco Nacion matter requires negotiation to determine which debts will be recognized and how they will be paid within the legal framework governing creditor hierarchies. The presence of privileged claims complicates voting and settlement processes because those creditors typically have priority over unsecured creditors. If privileged creditors insist on maintaining their priority status, they do not vote as unsecured creditors, and this can affect the structure and approval of any proposed repayment plan. Grassi’s comments suggest that some elements of the legacy debt will be settled in line with the legal categories creditors choose, rather than through a single, uniform solution.
Company officials also conveyed a broader strategic vision for NVA. They pledged to invest resources and capabilities into the company along with their commercial partners, with a particular emphasis on the workforce and the communities where NVA’s production units operate. The declared goals include rebuilding the company’s presence in the agroindustrial sector and reinforcing its role in the export chain. The leadership expressed an ambition to implement a collaborative or associative model that enhances every stage of the chain, presumably to increase efficiency, competitiveness, and mutual benefit among producers, processors, and exporters.
The narrative presented by the new management centers on continuity and transformation: continuity in the sense of preserving jobs, facilities, and operational know-how; transformation in the name change, governance restructuring, and a renewed capital base rooted in Argentine ownership. The company framed these changes as rooted in an “unprecedented industrial history” and tied to the commitment of its personnel. Public messaging stressed collective responsibility to workers and local communities and promised that these stakeholders would be central to the company’s recovery and future growth.
Beyond legal and financial matters, the transition carries symbolic weight. For a firm deeply embedded in regional agricultural production and trade, a move to 100 percent domestic capital underlines a deliberate positioning in national economic and political contexts. The creation of NVA may be perceived as an attempt to reestablish local control, stabilize production chains, and reassure suppliers, employees, and customers that operations will continue under domestic leadership.
At the same time, the success of the new management will depend significantly on how quickly and effectively it can resolve outstanding creditor claims and rebuild trust with trade partners and the financial sector. Negotiations with large creditors, especially state-backed institutions like Banco Nacion, will be watched closely because their outcomes will determine the company’s liquidity, ability to finance operations, and long-term viability. The technicalities of creditor classes, privileges, and post-insolvency liabilities will shape the pathway forward and will require detailed legal and financial work to ensure compliance with court orders and to secure a sustainable business plan.
In summary, the court-approved transfer of Vicentin’s shares to Grassi S.A. and the formation of the Nueva Vicentin Argentina board mark the start of a new corporate phase. The company’s leadership has pledged to maintain operations, prioritize workers and community ties, and pursue an associative strategy to strengthen the agroindustrial export chain. Meanwhile, negotiations with principal creditors-particularly Banco Nacion-remain a pivotal and complex issue, as the company assumes responsibility for a mixture of preexisting and post-insolvency debts that must be resolved under the applicable legal priorities and creditor decisions. The outcome of these negotiations will be decisive for NVA’s capacity to execute its stated goals and play a meaningful role in the national agroindustrial sector.
