Celulosa Argentina Advances Recovery Plan Under CEO Hernán Bagliero’s Leadership

Celulosa Argentina, one of the country's leading paper producers, is undergoing a recovery phase after teetering on the brink of financial collapse. The company, which supplies approximately 50% of the paper consumed in the domestic market, is currently working on its recovery under the leadership of Hernán Bagliero, who assumed the role of CEO following the departure of shareholders José Urtubey, Douglas Albrecht, and Juan Collado, and the arrival of new investor Esteban Nofal.

The company, which employs 4,400 people and has plants in Capitán Bermúdez (Santa Fe) and Zárate (Buenos Aires), is seeking to return to profitability after declaring default and filing for bankruptcy protection. The new shareholder has pledged an injection of US$18 million earmarked for working capital and production reactivation

According to the new management's plan, the goal is to fully normalize production within 30 to 60 days, after resuming manufacturing at the Capitán Bermúdez plant and progressing with the electrical reconnection in Zárate. Bagliero highlighted the collaboration of the workers and suppliers during the crisis, emphasizing the social impact of keeping an industry operational that generates thousands of direct and indirect jobs.

The bankruptcy proceedings are ongoing, with a deadline of December for submitting documentation that proves the debts. The company expects to reach an amicable agreement with creditors in the medium term, with the goal of returning to profitability in 2026

The strategy includes strengthening management, reducing historical liabilities, and optimizing internal processes. The plan aims to decrease structural debt—which historically ranged between US$70 and US$120 million—to sustainable levels without affecting employment. According to management, the union has been a key ally in this process.

Likewise, Celulosa seeks to increase its operational efficiency and expand its participation in high-potential segments, such as tissue paper (toilet paper, napkins, kitchen rolls), where national per capita consumption is still low compared to other countries. The company also projects export growth to Uruguay, Chile, Brazil, and the United States, markets in which its product has gained competitiveness.

Bagliero maintains that the recovery is based on a new business mindset: “We want a company prepared for both favorable and adverse scenarios, with professional, efficient, and sustainable management.”