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ACUERDO PREVENTIVO EXTRAJUDICIAL Out- of -court debt reorganizational agreement Commented [C1]: Use hyphens if it is a pre-modifier
LEY 24.522, INMODIF. LEY 25.563). proceedings (Act 24.552 non remending act 25.563
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,
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,
declaraciones y estipulaciones:
El presente acuerdo tiene por objeto formalizar The purpose of this agreement Agreement is to
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
de pagos; graves dificultades econmicas y/o The DEBTOR declares to beis (insolvent, in serious Commented [C7]: Use of English
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
obligaciones para con ellos, han decidido corporation, ultimately looking for an out of court
acuerdo extrajudicial.
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.
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
reemplazo de los directores ..., que en este acto replacing the directors ..., who in this act and Commented [C17]: A literal option
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
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.
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
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,
sindicacin de acciones, que contenga las execute this syndication agreement, containing the
siguientes estipulaciones: ..., por lo que el following Stipulations: ..., so that this
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
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
DCIMA.(X- Garantas): Como garanta del fiel this agreement the DEBTOR hereby creates: ...
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
otros.
para el fiador)
ao 200...
NATALIA GUERRA