SanCor Creditors Seek to Void Bankruptcy-Backing Assembly
Regali & Asociados, acting for a group of SanCor’s creditors, said in a statement dated September 20 that it was concentrating its legal efforts on overturning the assembly’s decision. The firm, led by lawyer Aldo Luis Regali, alleged that the meeting involved procedural irregularities and argued that SanCor’s board should not have requested bankruptcy protection without an earlier mandate from the cooperative’s members.
The creditors’ position rests partly on the timing of the decisions. SanCor was declared bankrupt on April 22, 2026, while the members’ meeting convened to consider the board’s action was scheduled for April 30. Regali & Asociados argues that the eight-day gap undermines the validity of the process and wants the court to reconsider the decision that led to the bankruptcy.
The bankruptcy judgment adopted a different view. Judge Marcelo Gelcich held that the board had authority to submit the bankruptcy request and that the subsequent assembly did not determine whether the judicial decision was valid. As a result, nullifying the assembly would not automatically cancel the bankruptcy; that consequence remains a legal position advanced by the creditors and would require a further court ruling.
The law firm also called for renewed consideration of a rescue proposal submitted by creditors. It said the plan could preserve SanCor’s operations, bring in investors and provide another route for creditors to recover funds. According to the firm, the proposal had attracted more than 3,500 signatures from social and productive organisations.
Regali & Asociados further disputed how the courts handled the deadline for filing the proposal. The firm said a 15-minute delay contributed to its rejection, but the available information does not establish that the bankruptcy declaration resulted solely from that delay. The April 22 judgment also cited SanCor’s statement that it could not make an offer to creditors and bankruptcy petitions filed by third parties. The firm has requested a meeting with Santa Fe governor Maximiliano Pullaro to discuss the cooperative’s situation.
The firm has separately criticised the rejection of its request to impeach Judge Gelcich. The Santa Fe Magistrates’ Trial Tribunal issued that decision on September 8, finding that the conduct attributed to the judge did not meet the statutory requirements for impeachment. Regali & Asociados continues to challenge asset valuations and other steps in the proceedings, but those claims have not been judicially established as irregularities in the information available.
Meanwhile, the sale of SanCor’s assets is proceeding. On September 17, the Rafaela Court of Appeals rejected requests to annul the tender rules covering six industrial plants and the company’s brands, while ordering changes to certain conditions before the process advances. That ruling concerns the terms of the asset sale and does not decide the creditors’ new challenge to the assembly.
