Overview

• The board requested the opening of a concurso de acreedores and notified the securities regulator with the stated goal of preserving operations and jobs.
• RefiPampa will not pay interest and principal due on September 6 on its negotiable obligations of about US$3.75 million, signaling a default.
• An extraordinary shareholders’ meeting is scheduled for September 30 to ratify the restructuring process.
• Creditor actions include a general embargo on bank accounts requested by ARCA and a final court judgment for approximately AR$5.49 billion.
• Moody’s Local AR downgraded the company’s ratings, and filings show AR$88,000 million in current liabilities and total debt of AR$114,119 million as of March 31.