A series of new details regarding the wind-down process of the funds of the defunct Sartor AGF, which included everything from the sale of the controlling stake in Azul Azul to "out-of-standard" redemption payments, was presented this Thursday by Toesca, the administrator appointed by the Financial Market Commission (CMF) to liquidate the vehicles. Cristóbal Sosa, VP of Private Credit at Toesca, told investors that during the final months of 2024, redemptions totaling around $70 billion (CLP) took place, but "we have detected that approximately $8.5 billion was paid out of standard. That is, these payments were made outside of a normal pattern and granted preferential treatment to certain redemption requests over others submitted earlier. In other words, cherry-picking was done — choosing who to pay and who not to pay," he said. On this matter, he stated that "we are taking all necessary measures to recover those redemptions paid out of standard."
Additionally, he explained how judicial contingencies and receivables — both with banks and with companies linked to the firm's former controlling shareholders — are affecting the ability to distribute resources to investors. Along those lines, Sosa indicated that the funds currently have legal contingencies with the related and affiliated companies Danke, ECapital Perú, and Mikopo, for an approximate total of $41 billion, transactions that Toesca seeks to challenge on the grounds that these debts lack validity.
Specifically, the executive detailed that Danke, ECapital Perú, and Mikopo "supposedly lent money to the funds, and that money was used for various purposes that were not for the benefit of the funds. We have reviewed the documentation, the records related to the debts with these companies, and there are a number of inconsistencies regarding the traceability of the origin, and we are evaluating the validity of these obligations."
In the breakdown, it was presented that the Proyección Fund has a legal contingency with Danke of $5,176 million, with Mikopo of $1,436 million, and with ECapital Perú of $2,238 million. "That is, the Sartor Proyección Fund has a legal contingency with these related and affiliated companies of $8,850 million," he said. Furthermore, he noted that the vehicle currently has cash of $8,404 million, but these resources cannot be distributed, "because we have legal contingencies of $8,850 million." Overall, he indicated that they are currently negotiating out-of-court and judicial settlements, as well as asset sales that would allow them to raise between $4 billion and $5 billion.
The Azul Azul Case
In the case of the Sartor Leasing Fund, legal contingencies amount to around $10 billion, to which bank creditors add another $9 billion. Sosa explained that the Sartor Leasing Fund is a creditor of FIP Tactical Sport, "which owns the shares of Azul Azul through a company; therefore, once these shares can be sold, Sartor Leasing would recover the loan to Tactical Sport, which would imply an inflow of approximately $10 billion. We expect this to happen in about six months." Although those resources, added to cash of $4.5 billion, would bring the total to nearly $15 billion, Sosa commented that, "unfortunately, we have these contingencies and the need to provision at least $19 billion."
Regarding the Sartor Táctico Fund, "today we have $6 billion in cash. Bank receivables and judicial contingencies are around $8,766 million. In this fund, we are also working on asset sales," he stated.
Meanwhile, the Sartor Táctico Internacional Fund only has judicial contingencies with related and affiliated companies of US$14 million, "and today we have total cash of US$6,280,000. This fund has principal exposure to a real estate asset being developed in Miami," he said. Specifically, the vehicle invests in the Faena Residence Miami real estate project through the company Downtown Investment LLC, where Pedro Pablo Larraín — Sartor's founder — "was the sole administrator with full powers," Sosa asserted. Toesca said they are carrying out the steps to take control of the company's administration.
According to Sosa, as of October construction had not begun, but toward the end of that month financing was secured to carry it out, and he noted that "the real estate developer told us that construction has already begun," which would last 3.5 years, so it should be completed during the first quarter of 2030. Thus, Sosa stated that the possibility of distributing resources in this fund "will depend directly on the possibility of selling that stake in the future, or waiting for the project to be completed and the investment recovered, plus the profit from that project. We are always evaluating the best alternatives, whatever generates the most value for the investors."
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