IGT33 SA enters bankruptcy protection with 7,000 million peso debt

IGT33 SA, the textile company behind the clothing brands Rever Pass and Be Rebel, has entered a preventive bankruptcy process (concurso preventivo) due to debts exceeding 7,000 million pesos.

The company, which has operated for over 40 years, reported a significant financial decline. In its last fiscal year, IGT33 recorded a loss of 4,365 million pesos, a sharp increase from the 515 million peso loss in the previous period. Sales also dropped by approximately 24% in constant currency, falling from 15,475 million to 11,814 million pesos.

The company’s liabilities include 975 million pesos in tax debts, 1,725 million pesos in social security obligations, and nearly 3,276 million pesos in bank debt, involving institutions such as Banco Nación and Banco Provincia. Management attributed the crisis to rising financing costs, a contraction in the domestic market, and increased competition from global platforms like Shein and Temu.