Compania de Alimentos Fargo noteholders to vote on restructuring proposal Oct. 7

By Caroline Salls

Pittsburgh, Sept. 2 - Compania de Alimentos Fargo's 13¼% noteholders will meet on Oct. 7 to vote on a restructuring proposal submitted by Fargo and Panificacion Argentina SA in connection with the companies' Acuerdo Preventivo Extrajudicial proceedings, according to a company news release.

The noteholders will also elect Fargo's president at the meeting.

Under the APE 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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