Sanalp terminates tender offer for Compania de Alimentos Fargo 13¼% notes

By Jennifer Chiou

New York, Oct. 27 - Sanalp 2005, SL said it terminated its cash tender offer for any and all of Compania de Alimentos Fargo SA's 13¼% notes due 2008.

The tender, which was launched on Sept. 8, had been set to expire at 5 p.m. ET on July 1, 2006.

The company was also soliciting consents from holders of at least 80% of the notes to provide approvals of a plan of reorganization to allow it to restructure its debt.

Sanalp said it held talks with noteholders but they did not produce agreement.

On Oct. 6, the company extended the offer's early tender deadline to 5 p.m. ET on Oct. 27 instead of 5 p.m. ET on Oct. 6.

Tendered notes will be redelivered.

For those who tendered their holdings before the early tender deadline, Sanalp would have paid $180.00 per $1,000 principal amount of notes, including a $40.00 early tender payment.

Goldman, Sachs & Co. was the dealer manager and solicitation agent (800 828-3182 or call collect 212 357-3019).

The information and tender agent was Bondholder Communications Group (888 385-2663 or call collect 212 809-2663).

Madera LLC, controlled by investor Fernando Chico Pardo and Grupo Bimbo SA de CV, owns more than 99.9% of Compania de Alimentos Fargo, a producer and distributor of packaged bread and bakery products in Argentina. Sanalp 2005 is an affiliate of Madera.

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