Lácteos Verónica files for bankruptcy protection amid $15.9 billion peso debt

Lácteos Verónica, a major dairy company in Santa Fe, Argentina, has filed for bankruptcy protection (concurso preventivo) to avoid liquidation. The company, managed by the Espiñeira family, reported a total debt of approximately $15.945 billion pesos.

The financial crisis includes $4.745 billion pesos in bank obligations to various institutions, including Banco Nación, Santander, and Banco Galicia, as well as over 2,900 rejected checks totaling more than $11.2 billion pesos. The company’s three processing plants in Clason, Lehmann, and Suardi have faced production paralysis and unpaid wages.

The crisis has significant regional implications, affecting approximately 150 dairy producers who are owed an estimated $60 million USD. Additionally, the company’s labor situation is critical, with workers facing months of unpaid salaries. In response to the Suardi plant's inactivity, the cooperative Copalac has reached an agreement to operate the facility on a toll basis to partially reactivate production.