SanCor sale process faces challenge from interested businessman Gustavo Scaglione

Businessman Gustavo Scaglione has formally moved to halt the sale of assets belonging to the bankrupt dairy giant SanCor. Scaglione, president of Fidulac SA and one of the parties interested in acquiring the historic company, filed a motion to nullify the resolution that approved the bidding process, set sale bases, and established a timeline for divesting the company's industrial plants and brands.

Scaglione's legal filing challenges the decision made by Judge Marcelo Gelcich, which initiated the tender process for SanCor's six industrial plants, brands, and other intangible assets. The sale was set to begin with a total base value exceeding US$52 million, attracting significant interest from dairy sector companies and investment groups.

However, Scaglione contends that the approved sale structure presents irregularities and could ultimately disadvantage creditors. His primary objection centers on the sale of individual assets rather than the company as a unified economic entity, which he argues is the priority under Argentina's Bankruptcy Law. He believes this fragmented approach could diminish the total economic value of SanCor, stating that "the separate sale of the brand assets can generate a clearly detrimental economic effect for the estate."

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The separate sale of the brand assets can generate a clearly detrimental economic effect for the estate.