Overview
- Granja Tres Arroyos filed a preventive bankruptcy petition in Commercial Court No. 21, which the company submitted on Tuesday, Sept. 15 and asked to have the case processed together with HAISA, Wade and Avex.
- The firm declared liabilities of about US$350 million and listed more than 4,800 creditors, together with thousands of rejected checks and large bank claims recorded in central bank and court documents.
- A provisional judge granted limited protective measures that block payment of certain post-dated checks issued before Sept. 9, ordered a dedicated Bank Ciudad account for wages, and directed utilities not to cut supply for debts accrued before that date.
- The crisis has sharply reduced plant activity and forced around 1,700–1,730 job cuts across Buenos Aires and Entre Ríos, prompting a labour conciliation ordered by the provincial ministry.
- Next steps include judicial decisions on formally opening the concurso, verification of creditors’ claims, and whether a joint group restructuring will be approved after failed attempts to raise about US$80 million or sell noncore assets.