Celulosa Argentina Enters Judicial Recovery Following Change in Shareholder Control

Celulosa Argentina has officially entered a judicial recovery process as ordered by the Civil and Commercial Court of First Instance of San Lorenzo, following a request filed by the company in early September. This move comes just a week after the company's sale was confirmed. The firm is negotiating with creditors to avoid bankruptcy amid financial struggles linked to a $128 million debt owed to Tecmaco Integral. Recently, Esteban Nofal, owner of the CIMA group, acquired a significant stake, becoming the majority shareholder, replacing the Tapebicuá Investment Company. Financial reports for the semester ending May 31 revealed a loss of $172.6 million, reversing a prior profit and reflecting a 44% decline in revenue to $258.6 million due to decreased sales volume, price devaluation, and export competitiveness challenges. Despite cost-cutting measures, the company's operational margin remains negative, deepening its ongoing financial crisis.