The general director, who had already been a consultant for the company between 2020 and 2021, guaranteed that “there are several investors” interested.
“The biggest asset is the people and the brand”, which is known “nationally and internationally”, as he added.
The sponsorship between 1986 and 1995 of a professional cycling team, Sicasal-Acral, winner of the general classification of the Volta a Portugal three times – in 1987, 1989 and 1991, also contributed to the brand’s notoriety.
At the first creditors’ meeting, scheduled for March 4, Jorge Pena expects the company’s “recovery plans” to be presented, based on the purchase of capital and the forgiveness of a substantial part of the debt with banks and suppliers, which exceeds 37 million euros.
At this meeting of creditors, “a new administration for the company” could already be decided, he said.
“The company’s potential goes far beyond what we are doing, and We hope that on March 4th, interested parties will appear who can reactivate the company’s capacity in the various fresh and processed areas, which can safeguard the jobs of all workers and take the company to the size it has achieved”, said Norberto Esteves, the workers’ representative.
Sicasal was founded in 1968 by Álvaro dos Santos da Silva, dedicated to the production and marketing of fresh pork and processed charcuterie products.
In November 2011, a fire destroyed part of the production area and the Vila Franca do Rosário manufacturing unit was almost completely rebuilt, at a time when it employed around 700 employees.
The company, which reached a turnover of close to 100 million euros (ME), lost market share in recent years, made investments in Angola that did not generate the expected return, and its sales volume decreased significantly, to 42.3 ME in 2024.
The financial situation led to an accumulation of losseshaving recorded a negative net result of 3 ME, in 2022, 8.8 ME, in 2023, and 11 ME, in 2024.
The debt with the 250 creditors constituted was 37 ME, of which 22.4 million with banks – Millennium bcp (11.6 ME), Caixa Geral de Depósitos (4 ME), Novo Banco (3.6 ME) Abanca (2.5 ME) – and 9.4 ME with suppliers.
Promauto, a promotion and public relations company, stands out on the list of creditors, with an amount of 4.1 ME.
In October, Sicasal stopped production and, in the same month, the administration moved towards a Special Revitalization Process (PER), together with the West Lisbon District Forum, to try to recover the company by proposing to creditors a forgiveness of 70% of the debt value and the payment of the remaining 30% in installments.
In addition to the Sicasal administrators, the request was signed by the owner of Promauto, Nuno Pardal Ribeiro, also a former leader of Chega who is currently on trial for the crimes of using minor prostitution.
According to Jornal de Negócios, The PER was refused by the courts because the company repeatedly failed to deliver documents.
In December, Millennium bcp bank, the largest creditor, filed for Sicasal’s insolvency, which was declared on January 6 by the Lisbon West Court and appointed Jorge Calvete as insolvency administrator.
The creditors’ meeting was scheduled for March 4th, and recovery plans for the company may be presented by the current shareholder or interested buyers.
On February 2, Jorge Calvete admitted to Lusa that the client who made the advance could be interested in acquiring Sicasal, adding that “it will not have an advantageous position”.
The plan is to “call workers in phases as production progresses”he also said, noting that the February salary is guaranteed for all employees.
He also admitted that there may be adjustments to the workforce, after deciding whether the company will operate as before, or whether it will eliminate areas such as slaughterhouses and cutting facilities.
Meanwhile, the Union of Agriculture and Food, Beverage and Tobacco Workers of Portugal (SINTAB) expressed concern about the declaration of insolvency, “putting hundreds of jobs at risk”.
He also condemned “wrong strategic choices and serious management failures”, arguing that “it is not acceptable for decades of work and dedication of workers to be called into question by decisions that did not take into account the company’s economic and social sustainability”.
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