en.Wedoany.com Reported - Ten companies have purchased bidding documents to compete for the assets of SanCor, a former Argentine cooperative, marking a decisive phase in the company's bankruptcy proceedings. This information was disclosed in court filings by bankruptcy trustee Ignacio Martín Pacheco Huber and co-trustee Lucila I. Prono. SanCor was once one of Argentina's most important dairy brands.
The companies that purchased bidding documents include insurers, dairy groups, financial investors, and regional firms, specifically: SanCor Seguros, PDA Punta del Agua, Milkaut SA, L3N SA (affiliated with Adecoagro), Jewell Especialidades SA (Ceibos Group), Finanzas y Gestión SA, Fidulac (chaired by Gustavo Scaglione), Failar SA (Tarantela), Elcor/La Tonadita, and Alimentos Fransro SRL.
The report has been submitted to Judge Marcelo Gelcich of the Civil and Commercial Court of First Instance for District No. 5. In the filing, Pacheco Huber and Prono noted that "market response has far exceeded expectations," attracting a diverse range of participants from both industrial and financial sectors. Among the industrial groups, Milkaut stands out as one of the most significant bidders due to its production scale, operational capacity, and export capabilities in Santa Fe province; L3N SA is linked to Adecoagro, an agro-industrial group listed on the New York Stock Exchange with operations in the Pampas region.
The bankruptcy trustee and co-trustee emphasized that the diversity of participants is a standout feature of this process. The filing submitted to the judge shows that interested companies include "first-tier dairy operators with domestic and international influence, financial investors capable of structuring complex transactions, and local players with deep knowledge of the industry and region." This process marks a critical phase for creditors and regions that have relied on SanCor's activities for years. If new operators restart the plants, it could restore fresh milk intake capacity, direct and indirect jobs, supplier networks, and business relationships damaged after the cooperative's crisis.
SanCor's crisis entered the judicial arena on February 14, 2025, when the 4th Civil and Commercial Court of Rafaela initiated a preventive judicial reorganization process for the cooperative. The company, headquartered in Sunchales, Santa Fe province, reached this point after becoming insolvent. The judicial decision aimed to organize debts, maintain operations, and preserve jobs during negotiations with creditors. The bankruptcy ruling recorded 1,519 claims verification requests and confirmed liabilities comprising commercial, financial, tax, and labor debts. The filing also listed claims from international funds exceeding $86 million (approximately 473 million reais at the current exchange rate), debts to ARCA, commitments to workers, and liabilities following the judicial reorganization process. By the end of January 2026, the company had 914 employees, and its six plants were operating well below capacity.
On April 22, 2026, Judge Marcelo Gelcich declared SanCor Cooperativas Unidas Limitada bankrupt. The decision allowed for temporary continued operations and paved the way for asset sales. Subsequently, the court approved the bidding specifications and set a combined minimum bid of $52.1 million (approximately 286.6 million reais at the current exchange rate) for industrial plants and intangible assets. The timeline stipulates that bids must be submitted by 9:00 a.m. on July 20, with the court formally opening bids one hour later. SanCor once processed over 3 million liters of milk daily, but the crisis and subsequent restructuring process caused it to lose significant ground, reducing its original 14 industrial plants to just five. By the end of 2024, daily processing volume was less than 500,000 liters. At the time of bankruptcy, the cooperative had six business units: fresh cream, dulce de leche, milk, infant formula, butter, and cheese, with the cheese unit being the most important, concentrating the cooperative's largest number of products and brands.
