SanCor seeks a new plan to avoid bankruptcy
27 August 2018
Four months ago, the Adecoagro group offered $ 400 million for a 90% share of the Argentine dairy cooperative SanCor, but no agreement has yet been reached. The dairy cooperative is now preparing a new plan to avoid bankruptcy. SanCor would transfer its brands and plants to three firms and, in return, it would receive approximately $ 150 million that would be directed to pay back its tax debt to the AFIP tax authority as well as its debts to suppliers. In addition, this would allow SanCor to save jobs for up to 2,500 workers it employs today.