Meatpacker Bonds Plunge to 19 Cents as Default Risks Linger

Bonds from Frigorífico Concepción SA have plunged deep into distressed levels as the meatpacker faces looming debt payments that are more than triple its recent cash levels.

The Paraguayan company’s $300 million in bonds due in 2028 are trading for just 19 cents on the dollar, down from 75 cents in September, Trace data show.