Flavor of the Month
Argentina is coming in from the cold and investment is trickling back into the country. That still won't help the government's angry bondholders much.
Heladerías Freddo, a chain of classy ice cream
parlors, helps make the long hot summers more bearable in
Buenos Aires. Mounds of rich ice cream in a dizzying range of
flavors have cooled Porteños for years, and
with time Freddo has become a beloved Buenos Aires
However, the company has not been particularly easy on its
owners or creditors. The Exxel Group, the Argentine private
equity firm, bought Freddo in the 1990s and opened new stores,
including three in Uruguay. But Exxel loaded Freddo with debt
and it went bust in the 2001-2002 financial crisis, falling
into the hands of its creditor banks. Last February, the banks
gratefully unloaded Freddo to Pegasus Capital, a private equity
firm specialized in taking over distressed assets.
Last year, Pegasus, run by a team Americans and Argentines,
took over another Buenos Aires institution when it bought the
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