Investor Esteban Nofal Takes Control of Celulosa Argentina, Targets Operational Recovery

Buenos Aires, Argentina – Celulosa Argentina has entered a new phase focused on operational recovery after investor Esteban Nofal acquired control of the company for US$1 following its bankruptcy filing.

The century-old pulp and paper producer has been under pressure amid a contraction in Argentina’s manufacturing sector, despite growth in industries such as oil and mining during the administration of Javier Milei. The company has faced persistent challenges including high operating costs, economic instability, and exchange rate constraints.

Nofal, who returned to Argentina after working in international financial markets, is pursuing a restructuring strategy that includes renegotiating with creditors and injecting fresh capital. The acquisition process was completed within a month, with competing interest from other investor groups emerging late in the process.

Speaking about his approach, Nofal emphasized speed and decisiveness in distressed markets, noting that traditional advisory-led investment models are less effective in volatile environments. He described Argentina as a market shaped by recurring crises, creating opportunities to acquire undervalued assets.

Celulosa Argentina’s profitability has been constrained in part by currency-related factors, according to Nofal, who highlighted the country’s high cost structure relative to its economic output. Despite these structural issues, he expressed satisfaction with early restructuring progress and pointed to the potential benefits of an improved macroeconomic environment.

The acquisition aligns with Nofal’s broader investment strategy through Cima Investments, which focuses on distressed assets. He has also recently acquired debt linked to Vicentin, another high-profile case within Argentina’s corporate crisis landscape.

With prior experience at Oppenheimer and Morgan Stanley, Nofal has built his career around identifying opportunities in volatile markets, positioning Celulosa Argentina as a potential turnaround case within the country’s struggling industrial sector.