Argentina’s dairy cooperative SanCor is under judicial measures to safeguard its assets amid a preventive insolvency process. The judiciary has imposed restrictions including asset inhibition, travel bans on board members, and a mandate to deposit 78 million pesos to cover expenses. Key deadlines include May 29 for creditor documentation and July 1 for objections to verified credits. The case is classified as a class A insolvency due to its scale and oversight complexity.
Argentina’s prominent dairy cooperative, SanCor, is currently under judicial scrutiny as courts implement measures to safeguard its assets during an ongoing preventive insolvency process. The cooperative is facing significant financial and legal challenges, with a critical timeline for creditor documentation and objections looming.
Sources familiar with the situation report that the judiciary has enacted several restrictive measures, including a general inhibition of SanCor’s assets. Board members are subject to travel bans, preventing them from leaving the country, and their personal assets have also been restricted. Additionally, SanCor has been ordered to deposit 78 million pesos by Monday to cover ongoing operational expenses.
These judicial actions form part of a class A insolvency case, indicating the severity and scale of the situation. Multiple judicial overseers have been appointed to closely monitor the cooperative’s financial and legal affairs throughout the process.
Key deadlines in the insolvency timeline are fast approaching. May 29 marks an important date for creditors to submit documentation required for credit verification. Following this, July 1 is set as the deadline for filing objections to the verified credits. While these dates are critical, they do not represent final resolutions but are important steps in the broader insolvency procedure.
The unfolding situation surrounding SanCor highlights a complex intersection of legal proceedings, economic pressures, and political considerations affecting Argentina’s dairy sector. How the cooperative navigates these challenges will have significant implications for its future operations and the broader industry.
