SanCor Cheese Auctioned Again to Settle Debts

SanCor, a cooperative based in Argentina, is in the spotlight as it faces ongoing financial challenges. On the first business day of February, SanCor filed for a preventive creditor arrangement. Subsequently, IIG Structured Trade Finance Fund Ltd enforced a security for a loan issued to SanCor, resulting in a decision to auction off 436,922 kilograms of cheese stored in Gálvez, Santa Fe, and La Carlota, Córdoba. This move aims to satisfy debts owed to multiple creditors.

Initially, a judicial action was dismissed by Judge Guillermo Adrián Vales to prevent favoring any creditors over others. Now, HYPRED ARGENTINA S.A., a company specializing in industrial hygiene and safety, has requested the execution of the auction process. The judicial notice announced in Ámbito Financiero specifies that 43,750 kilograms of hard cheese will be sold in lots with a base value of USD 371,875. If no offers are made within 15 minutes of the auction opening, the base price will be reduced by 30%, and further reduced if necessary after another 15 minutes.

The cheese auction is set for April 23, 2025, at the Public Auction House in Buenos Aires. Any unsold lots will be re-offered with no minimum price, putting additional pressure on SanCor, which is also facing a deadline for credit verification requests by May 29, 2025, and potential objections by July 1, 2025. As the expiration dates for the cheese approach, further delays could result in asset losses SanCor can ill afford.