Overview

• A CNV filing shows Nofal acquired 45.5% of Celulosa via 452.6 million class B shares, displacing Tapebicuá as the controlling holder.
• The change of control triggers a mandatory public takeover offer, and Nofal signaled he will ask the regulator to exempt the offer from using the standard market reference price because the company is in restructuring.
• Celulosa remains under court‑supervised concurso preventivo for roughly US$128 million of liabilities with industrial operations largely suspended.
• The plants in Capitán Bermúdez and Zárate have been stopped since late July with only minimal maintenance due to a sharp working‑capital shortfall.
• Recent financials reported a semestral loss of ARS 172,634 million, and creditor pressure includes a bankruptcy petition by Tecmaco over an ARS 17 million debt.