On December 29, 2025, the company presented a Crisis Preventive Procedure (PPC), with the signature of one of its owners, arguing that it would “suffer the consequences of a sudden change in the economic variables of its environment” from the beginning of 2025.
However, in said file the company omits to present “the numbers”, the balance sheet from January to November 2025 duly certified by a National Public Accountant demonstrating such a crisis.
In the PPC, the company presents the balance sheet for the previous 3 years (mandatory by law), from 2021 to 2024, where in the 3 consecutive years 2022, 2023 and 2024 (and even 2021) the company had million-dollar profits. As detailed therein, if we update the net profits from 2021 to 2024 to current values (due to inflation), the company accumulates profits of $8,891,938,449 (almost 9 billion pesos) in 4 years.
These profits are the dividends to be distributed among the partners who own Lustramax. With this million-dollar amount, the company could face eventual crises without having to fire workers and leave their families without their source of income. But there is more.
Trout crisis
On its website Lustramax claims to be a company “always growing” and that its “greatest strength” is “being able to adapt to a better response to the realities that arise.”
But it seems that in the PPC, he grumbles about the “changes in the economic variables of his environment.” Such as opening of imports, exchange rate unification and fall in demand. For this reason, he asks to fire workers.
The company reports that as of March/April 2025, “the growing economic and political uncertainty generated a brutal increase in financial costs, reaching limits of 120% annually.” This cost “turned the entire operation into a deficit, gradually consuming all available reserves.” That is to say, the company says it has wiped out 4 years of profits in just a few months.
Furthermore, an accounting indicator used to know if a company is solvent, that is, whether or not it is capable of meeting its long-term debts are the solvency ratio tests. By comparing the company’s assets (the set of assets, resources and collection rights) and the liabilities (set of debts and payment obligations with third parties).
In 2024, they demonstrate a Total Asset (At) of 27,005 million pesos; and a Total Liability (Pt) for 15,927 million pesos. That is, the company’s assets are 70% greater (almost double) than its liabilities, making it solvent to face debts.
Accounting manuals define that an ideal solvency ratio is 1.5. In this case, the company presents a ratio of 1.69; Therefore, it has excess (idle) assets to ensure that it is solvent against its debts.
Finally, the company ensures a net result for the year (profit) of 1,498 million pesos (almost the same in real terms compared to 2023). And an optional reserve (accumulated unassigned profits) for 4,340 million pesos. In addition to a legal reserve of 179 million pesos. There are plenty of resources.
Our lives are worth more than your profits
Although the company did not present its accounting balances for the period of 2025, (of which they denounce the failures), La Izquierda Diario was able to access the behavior of its bank accounts related to the granting of checks.
The company developed regular behavior during the year, until in December 2025 and January 2026 it issued 898 unbacked checks (without money in its accounts) for a total of $5,479,819,351.99.
What happened to their reserves and their million-dollar profits accumulated over the years, they will have to demonstrate in the Crisis Preventive, for now there are no numbers.
Without having the PPC approved, the owners of the company are illegally carrying out layoffs. After preventing the entry of 13 employees without formal notification, the workers carried out a total stoppage of activities where they denounce a layoff plan, a “trick” crisis preventive and the actions of the Buenos Aires Police within the plant.
The company’s maneuver is based on an advance against the labor rights of the national government with the labor reform. The crisis preventive process arose precisely during Menemism to validate the layoffs. How does it work?
It is requested by a company or a union with union status, in the event of suspensions or dismissals, for reasons of force majeure or causes not attributable to the employer. The procedure has its instance before the Ministry of Labor of the Nation. And it is regulated in employment law 24013 passed in 1991. This allows the company to pay compensation according to article 247 of the Labor Contract Law (LCT), which implies a 50% reduction of the compensation for usual seniority.
It is necessary to report this scam. The Lustramax workers are not alone. If they touch one, they touch us all.
Workers and students of the PTS at the FITU came to the Lustramax factory to show solidarity with those laid off who remain at the plant pic.twitter.com/4FFzmPWfI8
— La Izquierda Diario (@izquierdadiario) January 13, 2026
Source: www.laizquierdadiario.com
