Argentina's Fargo obtains court approval of APE

By Caroline Salls

Pittsburgh, Dec. 29 - Compania de Alimentos Fargo SA's acuerdo preventivo extrajudicial has been approved by the First National Court, according to a company news release.

The APE also covers Panificacion Argentina SA.

As previously reported, under the APE, Fargo will issue new 32-year notes to its "quirografarios" creditors.

Two classes of new notes will be issued, one for financial and commercial 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.

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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