Overview

• The company’s Capitán Bermúdez and Zárate facilities remain idle, with only minor maintenance ongoing due to a severe working capital shortage.
• In June, Celulosa proposed a US$128 million debt plan that defers principal payments for two years, applies 3% interest in dollars and 5% in pesos, and subordinates a US$21 million shareholder claim.
• The July 31 deadline for creditor adhesion to the plan elapsed without confirmation of the necessary support.
• Tecmaco Integral has filed a bankruptcy petition in San Lorenzo’s Civil and Commercial Court No. 1 and the firm is considering a judicial Acuerdo Preventivo Extrajudicial to settle its liabilities.
• A loss of ARS 38.8 billion in the nine months to February, EBITDA plunging to US$3.5 million and a 32% drop in domestic sales have driven Celulosa’s urgent search for new investors.