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NATALIA GUERRA

ACUERDO PREVENTIVO EXTRAJUDICIAL Out- of -court debt reorganizational agreement Commented [C1]: Use hyphens if it is a pre-modifier

RESOLUTORIO DEL CONCURSO (ART. 69 putting an end to(terminating) bankruptcy

LEY 24.522, INMODIF. LEY 25.563). proceedings (Act 24.552 non remending act 25.563

ACUERDO PREVENTIVO RESOLUTORIO. Debt reorganizational agreement).

PRELIMINAR. (A- Partes y personeras): Entre Preliminary background clauses (A. Parties and Commented [C2]: Use of English

...(datos identificatorios del deudor y domicilio), legal parties)Party in the first part and party of the Commented [C3]: What do you mean? Are there illegal
parties?
por una parte, en adelante denominado second part hereinafter the DEBTOR(....) and The

DEUDOR y por la otra ...(datos de los creditor, as the second part (...)enter into by and

acreedores), en adelante denominados between this agreement pursuant to section 69, 70,

ACREEDORES, se celebra el presente 71 of Act 24.522 by the following terms and

ACUERDO PREVENTIVO RESOLUTORIO DEL manifestations: Commented [C4]: Please read agreements originally drafted in
English to get a notion of drafting conventions. The entire
preliminary clause is very unclear.
CONCURSO, en los trminos de los arts. 69, 70,

71 y concordantes de la ley 24.522 (INMODIF.

LEY 25.563) y sujeto a las siguientes

declaraciones y estipulaciones:

PRIMERA. (I- Objeto): 1.(Subject-matter)

El presente acuerdo tiene por objeto formalizar The purpose of this agreement Agreement is to

un acuerdo preventivo extrajudicial conforme lo define an out of court deb reorganizational

autoriza la ley 24.522 en sus arts. 69 y ccts. agreement pursuant to law 24.522 in section 69 and

(INMODIF. LEY 25.563), entre el DEUDOR y los subsequent sections (unmodifiable law 25.563) Commented [C5]: Change of meaning: according to your
translation es una ley inmodificable
ACREEDORES respecto de las obligaciones que between the DEBTOR and CREDITORS with

tiene pendientes de cumplimiento para con ellos respect to within pendingunliquidated obligations Commented [C6]: Change of meaning: respecto de

el primero y que se detallan en el Anexo I, que from the former. These obligations are detailed in

integra este convenio. attachment Exhibit 1, which is made a part hereof.


SEGUNDA. (II- Antecedentes): 2. (Background)

El DEUDOR se encuentra desde ...(en cesacin

de pagos; graves dificultades econmicas y/o The DEBTOR declares to beis (insolvent, in serious Commented [C7]: Use of English

financieras), conforme dictamen del Estudio de economic and / or financial hardship)since...., As

Auditora ...(auditores externos, en general confirmed by the auditors opinion ... (external

propuestos por los acreedores), que se agrega al auditors, generally proposed by the creditors

presente como Anexo II, del cual se desprende opinion) added in the attachment which suggests Commented [C8]: Not clear at all

que con sus actuales recursos y las previsiones that with its current resources and future forecasts, Commented [C9]: Change of meaning: the use of previsiones
is in an accounting sense
futuras, le es imposible atender al cumplimiento it is impossible to honor to the fulfillment of its Commented [C10]: Use of English, redundant structure

de sus obligaciones en los plazos y montos obligations in honoring set sums. This situation has

pactados originalmente. Esta situacin le ha sido been informed to the CREDITORS ... and

informada a los ACREEDORES con fecha ... y consequently they have been analyzing the few

stos se han agrupado y evaluando las escasas possibilities that the DEBTOR currently has to pay

posibilidades que tiene el DEUDOR en la his/her obligations towards them. Creditors have Commented [C11]: Use of English: wrong preposition

actualidad de cancelar sus primitivas decided focusing on the preservation of the

obligaciones para con ellos, han decidido corporation, ultimately looking for an out of court

teniendo en mira el principio de conservacin de agreement to maintain the corporation economic

la empresa, que en definitiva es conveniente interests.

para sus intereses formalizar el presente

acuerdo extrajudicial.

TERCERA. (III- Dinmica): 3. (III-Process):

Los ACREEDORES aceptan en conceder una CREDITORS agree to concede a reduction of their

quita uniforme a sus crditos del ... (...) por credits of ... (...) percent and a stay agreement of ... Commented [C12]: What do you mean? Are they entering into
another agreement?
ciento y una espera en los plazos de pago de ... months starting... of ... of ... , and they

meses a partir del ... de ... de 200..., pactndose stipulateAgreeing on a uniform financial interest of

un inters financiero uniforme del ... (...) por ... (...) percent on the outstanding debt, to be
ciento sobre saldos deudores, a regir a partir de effective as of ... and a common moratorial interest Commented [C13]: Please validate spelling and terminology

... y uno moratorio comn del ... (...) por ciento. of ... (...) percent

CUARTA (IV- Contratos en curso de ejecucin): 4. (IV- Performance of contracts): Contracts that are Commented [C14]: Executory contracts/Contracts in the
course of performance
Los contratos que se encuentran en curso de in the process of performance shall be respected by

ejecucin sern respetados por las partes, the parties, including supply agreements, adjusting

incluidos los de suministro, adecundoselos them according towith respect to the payments to

respecto de los pagos que deba realizar el be made by the debtor, as established in the

deudor, conforme lo establecido en la clusula previous clause, Also signing the presentthis

anterior, firmando tambin el presente convenio Aagreement the guarantors. Commented [C15]: Careful: this sentence is ungrammatical.

los fiadores, en su caso.

QUINTA. (V- Incorporacin de acreedores al 5. (V Incorporation of creditors to Board of Commented [C16]: Omission

Directorio): 1-El DEUDOR acepta que se directors of the bankrupt corporation): 1-The

incorporen ... directores titulares a su Directorio, DEBTOR agrees to incorporate ... directors to its

nombrados por los ACREEDORES, en Board of Directors, appointed by the CREDITORS,

reemplazo de los directores ..., que en este acto replacing the directors ..., who in this act and Commented [C17]: A literal option

y por separado, presentan su renuncia al separately present their resignations to the

Directorio de la Deudora. 2- Se establece que los Directory of the Debtor. 2 - Hereby the fees of all Commented [C18]: Careful! Change of meaning. DIRECTORY IS
NOT THE SAME AS BOARD OF DIRECTORS
honorarios de todos los miembros del Directorio members of the Board of Directors shall be ... for Commented [C19]: This construction is ungrammatical.
Formatted: Font color: Red
sern de ... por cada directo y en su caso, no each director and, may not exceed ... (...) percent of

podrn exceder el ... (...) por ciento de las profits.

utilidades, si es que las hay.

SEXTA. (VI- Gerenciacin): Tambin y como 6. (VI - Restructuring): As a contribution from the

colaboracin por parte de los ACREEDORES al CREDITORS for the reengineering that the

proceso de reingeniera que necesariamente DEBTOR must face, the DEBTOR agrees to

debe encarar el DEUDOR, ste acepta incorporate... appointed by the CREDITORS. They

incorporar a las reas de ... a los gerentes que le shall establish a monthly salary that must be paid
enven los ACREEDORES, establecindose by the Debtor, the sum of ... to each and the

como sueldos mensuales que deber pagarles la DEBTOR shall not be able to dismiss them, without

Deudora, la suma de ... a cada uno y no prior authorization from the CREDITORS.

pudiendo despedirlos, sin autorizacin previa de

los ACREEDORES.

SPTIMA. (VII- Dividendos): En caso que el 7. (VII- Dividends): In the event that the next fiscal

prximo ejercicio arroje algn dividendo, el year yields a dividenddividends, theseit can not be

mismo no podr ser distribuido entre los distributed among the shareholders therefore it shall Commented [C20]: punctuation

accionistas y ser capitalizado. be given to the creditors.

OCTAVA. (VIII- Sindicacin de acciones): Como 8. (VIII - Syndication of shares): As an essential

requisito esencial de este acuerdo y para lograr requirement of this agreement and in order to

su cumplimiento sin trabas en las Asambleas, los achieve its unrestricted compliance in the meetings,

accionistas -por tratarse de una sociedad the shareholders as this is a privately-held

cerrada- se obligan a suscribir un contrato de corporationof a private corporation - are obliged to

sindicacin de acciones, que contenga las execute this syndication agreement, containing the

siguientes estipulaciones: ..., por lo que el following Stipulations: ..., so that this

presente acuerdo preventivo se formaliza ad reorganizational agreement is "ad referendum"

referndum de la suscripcin del contrato de executed by the the syndication agreement within ... Commented [C21]: Change of meaning. The meaning is that is
is conditioned to the execution of the agreement
sindicacin dentro de los ... das, caso contrario days, otherwise it shall be terminated by mere

quedar resuelto de pleno derecho. operation of law.

NOVENA. (IX- Mora): La mora ser automtica 9. (IX- Default): The default shall operate upon the

con el solo vencimiento de los plazos e mere expiration of payment terms and unnecessary

innecesaria la preinterpelacin. demand notice.

10 (X- Security): In order to secure performance of

DCIMA.(X- Garantas): Como garanta del fiel this agreement the DEBTOR hereby creates: ...

cumplimiento de todo lo aqu convenido, el (guarantee, pledge on machinery, mortgage, etc.)


DEUDOR ofrece: ...(fianza; prenda sobre

maquinarias; hipoteca; etc.).

UNDCIMA. (XI- Homologacin): 1- A los 11. (XI- Judicial approval): 1- For the purposes of

efectos de la homologacin judicial prevista por judicial approval provided for in art. 69 of Law

el art. 69 de la ley 24.522 (INMODIF. LEY 24,522 of this Aagreement, which will be in charge

25.563) del presente acuerdo, que estar a of ... (any parts, together), the DEBTOR adds as Commented [C22]: A person is in charge of sthg: USE OF
ENGLISH
cargo de ...(cualesquiera partes; juntamente), el Annex III the following instrumentation certified by Commented [C23]: Use of English

DEUDOR agrega como Anexo III la siguiente an accountant: a) statement of assets and liabilities

instrumentacin certificada por contador: a) To the date; B) list of creditors with their identifying

estado del activo y pasivo a la fecha; b) listado data, amounts of credits, causes, maturities, co-

de acreedores con sus datos identificatorios, signers, guarantors and obligated ? third parties; C)

montos de los crditos, causas, vencimientos, list of trials and administrative proceedings or with Commented [C24]: Meaning: trial is a specific sstage

codeudores, fiadores y terceros obligados; c) unfulfilled judgement; D) listing of its trade books

listado de juicios y procesos administrativos en with indication of the last folio used to date; E) Commented [C25]: Use of English

trmite o con condena no cumplida; d) listado de amount of the capital of the signatory CREDITORS,

sus libros de comercio con indicacin del ltimo with a record of the percentage that they represent

folio utilizado a la fecha; e) monto del capital de with respect to all of their creditors. 2- The debtor

los ACREEDORES firmantes del presente, con shall be in charge of the costs of the judicial

constancia del porcentaje que representan approval.

respecto de la totalidad de sus acreedores. 2-

Las costas de la homologacin judicial estarn a

cargo del DEUDOR.

FINAL MARK: 2 (TWO)


DUODCIMA. (XII- Constitucin de domicilios y

jurisdiccin): 1- Para todos los efectos del

presente acuerdo, las partes y fiador constituyen

los siguientes domicilios: a) DEUDOR en ...; b)

ACREEDORES en ...; d) FIADOR (si hubiere) en

... 2- Los firmantes acuerdan en someterse a la

jurisdiccin de los tribunales con competencia

comercial de ..., con exclusin de cualesquier

otros.

DECIMOTERCIA. (XIII- Firmas y recepcin de

instrumentos): Se firman ... (...) ejemplares

iguales, de ... clusulas, con ... anexos, en ...

fojas, recibindolos ...(uno para cada parte y

para el fiador)

DECIMOCUARTA (XIV- Lugar y fecha):

Celebrado en ..., a los ... das del mes de ... del

ao 200...
NATALIA GUERRA

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