AMERICAS DISTRESS DAILY: Celulosa Argentina Files Bankruptcy

Argentina defaults surge as Celulosa Argentina SA files for bankruptcy protection, citing the government’s adverse economic policies. The company’s shares have plummeted nearly 80% this year.

• Celulosa’s bankruptcy adds to Argentina’s worst wave of defaults since 2020, with several agricultural and industrial companies struggling to adapt to the government’s policies.
• President Javier Milei’s government faces a key test of voter support in upcoming elections, including a provincial election on Sept. 7 and national midterms in October.

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