The Santa Fe justice system suspended the SanCor sale process

The chamber gave rise to a presentation made by Fidulac SAa company chaired by the businessman Gustavo Scaglione – owner of Telefé – who is bidding to keep the dairy.

On June 19, Scaglione had filed a complaint before the Rafaela judge intervening in the contest, Marcelo Gelcichdenouncing irregularities in the process to liquidate SanCor’s assets.

It was not taken into account because Scaglione’s signature was not handwritten, but digital, an issue for which they decided to appeal to the higher court.

Among other points, he asked to annul the Gelcich resolution that established the bidding document, the form of sale of the assets separately and the base price of each of them. In this sense, one of the issues questioned by Fidulac is how the liquidation of SanCor’s assets was structured (the separate sale of the plants and brands), in addition to their valuation.

It should be remembered that Gelcich established at the beginning of June that the sale would be carried out through tenders with a base price of US$52.1 million: on the one hand, the 6 plants and facilities that SanCor owned at the time of bankruptcy (3 in Santa Fe and 3 in Córdoba) and its adjacent facilities would be liquidated, and, on the other, the intangible assets, such as its brands and product lines.

In the first case, the factories were valued with a minimum price of US$ 27.4 million, while, with respect to the intangible assets, the court established a base price of US$ 24.7 million, of which US$ 18.7 million correspond to the main brand SanCor, while the remaining US$ 6 million, to its sub-brands, such as Mendicrim, Tolem or Quesabores, among others.

In the ruling issued today, the chamber argued that “undoubtedly the approval of the document and beginning of the liquidation schedule is a resolution of transcendental importance in that it establishes values ​​and liquidation mechanisms of the assets, with the irreversible consequences that this matters particularly in relation to the objective of achieving the continuation of the failed company.”

“For what has been expressed, understanding that This is a resolution that must be reviewed – without implying any position regarding the substance of the proposals-, sand requires giving rise to the direct appeal examined and – consequently – grant the appeal and annulment filed subsidiarily, in relation and with suspensive effect,” the letter indicated.

As explained by sources close to Fidulac, based on this ruling, “how the process is proposed” will have to be reviewed. “No one wants progress not to be made, but we don’t want it to be biased, for SanCor’s assets to be undervalued and for the brands’ plants to be taken away, because that affects the interest of creditors,” they added.