Metalfor faces judicial embargo over debt to Banco Ciudad

Argentine courts have ordered the seizure of funds from the agricultural machinery manufacturer Metalfor and three of its key figures. The judicial measure follows a lawsuit filed by Banco Ciudad regarding an unpaid debt of approximately US$ 98,895.77, plus an additional US$ 10,000 for interest and legal costs.

The embargo affects the company, owner Eduardo Alberto Borri, and two guarantors, José Luis Ramón Dassie and María Rosa Miguel. The legal action stems from a US$ 2 million loan granted to Metalfor in October 2024. The court has issued orders to various banks, including Banco Galicia, Banco Macro, and Banco Supervielle, to freeze the relevant accounts.

This legal setback occurs amid a severe financial crisis for the Córdoba-based company. Metalfor has reportedly experienced a significant drop in sales and production, leading to massive losses and a reduction in workforce through layoffs and voluntary departures. The company is currently considering a preventive reorganization of creditors to manage its deteriorating financial situation.