October 18, 2019 / 3:42 PM / 24 days ago

Brazil soy crusher Imcopa may sell plants at auction on December 4, judge rules

SAO PAULO (Reuters) - A bankruptcy court in Paraná state has scheduled an auction to sell two plants belonging to Brazilian soy processor Imcopa International SA on Dec. 4, the company said on Friday.

Imcopa, one of the largest non-genetically modified soy crushers in Brazil, said the sale of the plants in the towns of Araucária and Cambé was foreseen in its reorganization plan approved by creditors in 2017.

In a statement, privately owned Imcopa said the ruling was handed down on Thursday by Judge Mariana Gusso. The company declined to comment further.

In August, Imcopa unilaterally terminated a leasing contract with brewer Grupo Petrópolis for the two crushing plants as it was preparing to sell the assets, alleging a breach of contract.

“With the auction of the industrial plants, the agreement maintained between Cervejaria Petrópolis and Imcopa will be terminated, as provided for in the reorganization plan,” Imcopa’s statement said.

Grupo Petrópolis on Friday said it has obtained a court decision suspending the termination of the leasing contract.

The company said that an eventual buyer of the plants will have to respect the current leasing contract, which runs through 2024.

Reporting by Ana Mano; Editing by Susan Fenton, Richard Chang and Cynthia Osterman

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