Overview

• Regulatory filings report a comprehensive loss of ARS 172,634 million, negative shareholders’ equity of ARS 23,774 million and an EBITDA of ARS -20,146 million.
• Management also cited a net loss of ARS 133,303 million and acknowledged it lacks the financial capacity to keep operating without new funds.
• Revenue fell 44% to ARS 258,637 million as sales dropped 52% year over year; domestic volumes declined 32% while exports rose 104% but with much lower margins and prices cut against rising dollar costs.
• Production remains halted at the Capitán Bermúdez and Zárate plants due to a working-capital shortfall, with the company in default on more than US$128 million of debt and facing a bankruptcy petition from supplier Tecmaco Integral.
• Celulosa hired VALO Columbus to steer a debt restructuring and investor search, the external auditor abstained from issuing an opinion citing going‑concern uncertainties, and reports differ on shareholder cash injections (US$76 million versus US$7.6 million).