Mario Pergolini confirmed Vorterix's bankruptcy proceedings following a multi-million dollar financial crisis

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.

South Media had entered Vorterix's capital in 2016 with a 50% stake. However, a USD 550,000 loan requested by Pergolini in 2017 to pay off debts with AFIP and ANSES ended up being converted into equity, diluting the original partners' stake and sparking a corporate conflict that persists to this day.

Change of model and new figures

The latest 2023 financial statement showed sales of $601 million and losses of $67.7 million. However, the first ten months of 2024 showed improvement: $676 million in revenue and a net profit of $638 million, thanks to a positive financial result driven by the exchange rate.

Despite this partial recovery, Pergolini announced in December 2024 the end of the FM 92.1 signal, transforming Vorterix into an exclusively online radio station, in response to the high cost of electricity.

In May 2025, Judge Fernando D'Alessandro called a new meeting to ratify the bankruptcy process. Recio reiterated his opposition, stating that the company continued to operate normally, which—in his view—invalidated the argument of default.

He also reported the submission of financial statements not approved by the meeting and requested the removal of president Martín Morales Groschopp.

The future of Vorterix in Pergolini's hands

In parallel with his television debut on El Trece,  Mario Pergolini used his majority stake to enforce the continuation of the bankruptcy process. With his vote, he secured the ratification of the bankruptcy protection, while internal divisions and debts continue to shape Vorterix's fate.