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. 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 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 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.