Lactation Veronica asked for the preventive tender and seeks to avoid bankruptcy

Lácteos Verónica, a major dairy company based in Santa Fe province with three plants in Clason, Lehmann, and Suardi, has entered into a judicial process known as concourse of creditors after months of severe financial difficulties. According to official figures, the firm owes nearly $15.945 billion, including $4.745 billion in bank obligations and more than $11.200 million in bounced checks. The company filed its request with the National Commercial Court Number 17, Secretariat 34, located in Buenos Aires. It is represented by the law firm Alegría, Buey Fernández, Fissore & Montemerlo. The company’s situation worsened significantly in recent months due to unpaid wages, production halts, and mounting debt. Last year, Verónica attempted to implement a preventive crisis procedure that would have led to the dismissal of around 200 workers. However, this measure did not resolve the underlying issues, and the financial decline continued. The company's debts grew substantially, as shown in records held by the Central Bank, which indicate outstanding commitments with several financial institutions, including Catalinas Cooperative of Credit, Credibel, Banco Galicia, Banco Santander, Banco Provincia, Banco Ciudad, Banco Industrial, Banco Nación, and Banco Macro. These combined debts exceed $4.7 billion. In addition to these bank-related liabilities, Verónica faces claims from approximately 2,900 bounced checks totaling more than $11.200 million. This issue has affected a broad network of suppliers and creditors. Around 150 milk producers who supplied raw materials to the company are also seeking payment, with estimates suggesting the debt owed to them could reach around $60 million. The judicial process aims to prevent the company’s collapse. Sources close to the provincial ministries of Production and Labor stated that the decision by the Espiñeira family, who run the company, was not unexpected. Officials noted that the ministry had already anticipated such a scenario given the company’s deteriorating financial condition. Earlier this year, the government of Santa Fe had to provide economic and food assistance to families affected by unpaid salaries. Some municipalities, such as Suardi, even continued supplying food for a period during the crisis. As tensions escalated, employees from all three plants were received by provincial legislators. Recent days saw increased frustration among workers, particularly at the Lehmann plant. Domingo Possetto, delegate of the union Atilra, expressed concern over the lack of responses and prolonged conflict. He emphasized that workers want to continue working and receiving their wages, something they have been unable to do for a long time. Despite repeated inquiries, the company has remained silent regarding recent developments. Amidst the legal proceedings, an alternative emerged to partially revive operations. Copalac, a dairy cooperative based in Morteros, near the border with Santa Fe, reached an agreement with Verónica to operate the Suardi plant on a contract basis. Starting this Friday through next Monday, raw milk will be processed into powdered milk. This arrangement will allow around 30 employees to return to work temporarily. While this move offers limited relief, it represents a small step towards stabilizing part of the company's operations. The crisis affecting Lácteos Verónica highlights broader challenges within Argentina’s industrial sectors under President Javier Milei’s administration. Factors include evolving consumer behavior, rising production costs, and increased international competition. For Verónica, these external pressures were compounded by internal financial struggles that ultimately led to its current legal predicament. The concourse of creditors seeks to prevent a complete collapse and open negotiations with banks, suppliers, producers, and workers. However, uncertainty remains regarding the future of a historically significant player in Argentina’s food industry and the livelihoods of hundreds of families dependent on its operations.