Brazil judge delays Imcopa plant auction after Bunge seeks more info (updated)

CJ CheilJedang

06/12/2019 16:58

(Adds details from court documents, context, byline)
    By Ana Mano
    SAO PAULO, Dec 6 (Reuters) - A Brazilian bankruptcy judge
postponed the auction of two soy crushing plants after U.S-based
grain trader Bunge Ltd  BG.N  alleged the seller provided
"scarce and incomplete" information about the assets, according
to court filings seen by Reuters on Friday.
    The sale of the two plants by privately owned Imcopa group,
rescheduled to Feb. 17 from Dec. 4, is part of the seller's plan
to emerge from bankruptcy.
    Bunge alleged in a filing on Nov. 26 that missing and
"outdated" information in Imcopa's dataroom made it hard to
analyze the merit of the potential investment, referring mainly
to regulatory approvals for the plants to operate.
    The trading firm's Brazilian unit also claimed
"inconsistencies" between the amended reorganization plan
approved by Imcopa's creditors in 2017 and bidding rules
published last October.
    The inconsistencies would mainly relate to whether the
plants may be sold separately by Imcopa. 
    According to Bunge's interpretation of Imcopa's
reorganization plan, both plants should be sold together as part
of the same "UPI" structure, which can be sold free of any
liabilities.
    

 (Reporting by Ana Mano
Editing by Chizu Nomiyama and Richard Chang)
 ((ana.mano@thomsonreuters.com; Tel: +55-11-5644-7704; Mob:
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