Estudio Garrido represented Celulosa Argentina S.A. in the refinancing of its principal credit lines with Deutsche Investitions- und Entwicklungsgesellschaft mbH, entered into 2006 and 2008 for an amount of US$115,000,000. The refinancing grants Celulosa a grace period, modifies applicable interest rates, releases certain upstream guarantees, allows for the creation of liens to finance acquisitions of new assets, increases the capex amount, allows payments of dividends subject to compliance of certain financial ratios and allows the payment of dividends in kind, among other things. Celulosa is a leading company in the pulp, paper and woodproduct manufacturing sectors, with primary operations in Argentina and Uruguay. Celulosa also outstands in the operation and its market position in the forest industry sector that integrates, sustainable forest development with the manufacture, marketing and distribution of successful high value-added products both in the domestic and global markets. By conducting trade and industrial activities in Argentina, Uruguay and Chile, Celulosa has consolidated as an integrated regional company with a high growth potential. Estudio Garrido, through its managing partner Gustavo Garrido and its associate Agustín Cases Bocci, jointly with Julián Razumny, internal counsel for the Celulosa Group of companies, led the negotiations and agreements with the lenders. On the other hand, the financial institution was represented by Drs. Peter Hosinski, Sarah Schachne Hirschfeld and María Tamayo (partner and associates of Becker Glynn) and locally by Luis Pastoriza and Patricia Bojaminsky Fontana (partner and associate, respectively, of Pastoriza Cangueiro Ruiz).