Argentina's Compania de Alimentos Fargo's noteholders unanimously approve restructuring

By Caroline Salls

Pittsburgh, Oct. 9 - Compania de Alimentos Fargo SA's 13¼% noteholders unanimously approved the joint restructuring proposal submitted by Fargo and Panificacion Argentina SA, according to a news release.

According to the release, holders of $97.65 million face value of the notes voted at the noteholders meeting held Wednesday.

Under the Acuerdo Preventivo Extrajudicial proposal, Fargo will issue new 32-year notes to its "quirografarios" creditors.

Two classes of new notes will be issued, one for financial and commercial quirografario creditors and one for holders of Fargo's existing notes.

In addition, Sanalp 2005 SL will have an option to buy notes under the restructuring.

Compania de Alimentos Fargo is a Buenos Aires-based producer and distributor of packaged bread and bakery products in Argentina. Its Chapter 11 case was dismissed by the U.S. Bankruptcy Court for the Southern District of New York on Oct. 12, 2007.

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