Sancor requested the opening of the creditors contest

Sancor requested the opening of the creditors contest

February 3, 2025 – 10:38

The dairy firm crosses a terminal crisis and seeks to refinance its millionaire debts. It does not rule out selling any of its industrial plants.

The Láctea Sancor cooperative announced that it requested from the justice of Rafaela, province of Santa Fe, the opening of the creditors contest. This decision came days after the company executed the dismissal of more than 350 workers and even after the electricity supply to one of its plants for lack of payment.

The crisis that Sancor is going through this time seems terminal and even from the firm do not rule out selling one of its five industrial plants with the aim of achieving working capital. One of his biggest problems is that he does not have liquidity to operate on a scale and that practically took it out of the gondolas.

In this context, in a press release, the cooperative explained the reasons that led her to make this decision: “After crossing a deep crisis in 2017, the cooperative initiated a restructuring process that was fulfilling different stages. This plan included an extrajudicial instance, as well as the sale and closure of several productive, commercial and administrative units. These measures allowed a gradual stabilization of the situation that traveled the cooperative. With the passage of time, Sancor evaluated different alternatives and maintained negotiations with a business group interested in developing a trust that promoted its recovery. However, after two years, that initiative did not prosper, which marked a critical point on the path of the cooperative. “

And complete: “At the end of 2023 until August 2024, Sancor for reasons that are public knowledge, substantially reduced its operation, affecting its recovery. Despite this panorama, Sancor continued to dialogue with new interlocutors interested in participating in the business, achieving significant progress in these efforts. However, before advancing with any concrete initiative, the cooperative must solve the problems derived from its debts and other circumstances that could frustrate future negotiations. In this context, and with the aim of offering a solution to all interested parties, Sancor decided to take this judicial step. “

The reality is that Sancor has a millionaire debt and urgently needed a lifeguard to get afloat. At some point it overses the possibility that external creditors capitalize the company, but the continuous union conflicts that went through ended up removing any arrival of funds.

Source: Ambito

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