Mario Pergolini, historic founder of Vorterix, found himself at the center of a financial storm when the company filed for bankruptcy protection after accumulating millions in debt. The decision was formalized after short-term liabilities exceeded $1.107 billion and accumulated losses reached more than $2.5 billion as of October 31, 2024.
The case was processed in Commercial Court No. 7. According to his attorney, Jorge Scharger, the purpose of the bankruptcy filing was to halt garnishments and tax foreclosures initiated by the Revenue and Customs Control Agency (ARCA), the company's main creditor.
The pandemic, taxes, and the collapse of revenue
Although Vorterix's losses dated back to 2019, the company blamed the COVID-19 pandemic as one of the most critical factors. The sharp decline in advertising revenue, both public and private, caused a steep drop in income between 2020 and mid-2022.
While fixed costs increased and tax pressure intensified, labor disputes also began. The situation led to a court settlement with CAPIF for $5.5 million, which officially set the date of default as May 22, 2022.
By the end of that year, accumulated losses had already reached $465.7 million, compared to assets of just $301.7 million. The board of directors chose to file for bankruptcy protection in April 2023, a decision that was unanimously ratified at a June shareholders' meeting.
Internal disputes: Pergolini vs. South Media
The meeting featured Pergolini's decisive vote, as he owns 85.15% of the shares. The remaining 14.85% belongs to South Media Investment, a company linked to Cristóbal López and Fabián De Sousa. Its representative, Juan Ignacio Recio, voted against and reported irregularities in the bankruptcy filing.
