Celulosa Argentina Enters Preventive Bankruptcy One Week After Ownership Change

Celulosa Argentina was declared in preventive bankruptcy shortly after the formal sale of the company, as ordered by the civil and commercial court in San Lorenzo. The firm sought judicial protection to negotiate with creditors following a bankruptcy petition by Tecmaco Integral, a machinery rental and sales business. The company's financial debt exceeds USD 128 million. Recently, Esteban Nofal, head of Grupo CIMA, became the principal shareholder, replacing Tapebicuá Investment Company. The latest financial results for the semester ended May 31 show a loss of ARS 172.6 billion, a sharp decline from the ARS 37.8 billion profit posted in the same period in 2024. Revenue fell 44%, driven by a 52% sales drop, 32% lower domestic sales volume, and a 104% rise in exports at thinner margins. Cost inflation without price adjustments led to significant margin contractions with gross margin at -17% and operating margin at -31%.