Glencore to run Brazil's Agrenco in restructuring

SAO PAULO, May 27 (Reuters) - Creditors of Brazilian agricultural products producer Agrenco (AGEN11.SA) said late Tuesday that multinational trading firm Glencore Importadora and Exportadora will manage company assets while it undergoes restructuring.

Agrenco, which has been struggling with a debt load of around the equivalent of 1.2 billion reais since at least 2008, filed for the equivalent of Chapter 11 bankruptcy protection in the United States in the local courts in March, a spokesman at Agrenco's investor relations said on Wednesday.

Glencore will be compensated for its running of Agrenco operations but no values were detailed in the statement by Agrenco's creditors.

The spokesman at Agrenco said that Glencore will take over the day-to-day operations of the company's main two new grain crushing and biodiesel plants and will have the option of buying the company assets once the company has emerged from restructuring.

Glencore was not immediately available for comment.

Agrenco has operations in the origination, processing and exportation of soybeans as well as activities in the area of biodiesel and logistics operations.

Multinational commodities companies, such as France's Louis Dreyfus, have been interested in purchasing control of Agrenco since 2008. This will be Glencore's debut on Brazil's biodiesel market.

Agrenco's creditors also decided to sell the company's biodiesel plant in Marialva in the southern state of Parana to the local biofuels company BSBIOS. No value for the sale was given in the statement. (Reporting by Roberto Samora; writing by Reese Ewing; Editing by John Picinich)