OPPY OPERADOR PARAGUAY S.A.E.

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What it is

OPPY presents itself as a wholesale tour operator, with more than ten years of experience in the national and international market. Its business — arranging flights, packages and events for travel agencies and corporate clients — is built entirely on the movement of people across borders.

The company’s registered object is the provision of tourism operator services, the organisation of travel, events and related activities, both inside Paraguay and abroad. That narrow focus made it extremely vulnerable when borders closed.

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Who owns it

The original S.R.L. was constituted on 4 July 2008; when it converted to a S.A. by public deed No. 45 of 3 July 2015, the board listed as President Nelsy Carlota Gamarra Cornet Domingo, Director Horacio Verón Cattebeke, and Director Gilda María Segovia Ruiz.

These names represent the founding family/management circle at the time of conversion.

Not published: the exact percentage shareholding of each person, and whether ownership has changed since the 2015 conversion, are not disclosed in the BVPASA operations page, the Riskmetrica rating report (the primary source opened for this profile), or the Diario Correo Comercial company notice. Paraguay’s securities law (Ley N° 5810/17) requires listed issuers to file periodic disclosures with the CNV, but OPPY was suspended by the CNV in 2020 for failing to submit its financial statements on time, meaning those later filings are either absent or inaccessible in public records.

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Who runs it

At the time of the 2015 corporate transformation, Nelsy Carlota Gamarra Cornet Domingo was named President of the Board — the highest executive role in the company’s governance structure. No subsequent update to the board composition has been found in any primary source reviewed.

Not published: the current CEO, CFO, or board chair as of 2024–2025 are not disclosed in any primary source accessible at the BVPASA issuer list, the CNV, or the Riskmetrica rating file. This is consistent with the company’s documented pattern of non-disclosure that led to regulatory action in 2020.

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The money, in plain words

The company’s declared share capital at conversion was PYG 3,000,000,000 — roughly US$495,000 at today’s exchange rate — of which PYG 960,000,000 (about US$158,000) was actually paid in. The gap between authorised and paid-in capital is a flag for any creditor: the owners had committed to put in money they had not yet transferred.

In January 2020 OPPY issued bonds worth US$1,000,000 in two series of US$500,000 each, at annual interest rates of 8.25% and 8.50%, with maturities of three and three-and-a-half years respectively. That US$1 million — the entire bond programme — was the company’s only public market financing, and it became the source of its undoing.

Not published: annual revenue, net profit, total assets, and net margin for any fiscal year are not available in public primary sources. The Riskmetrica rating report of June 2020 — the most detailed primary document located — notes that OPPY had not updated its financial statements, making it impossible to reconstruct income-statement or balance-sheet figures.

Paraguay’s CNV, under Ley N° 5810/17 and Resolution CNV CG N° 06/19, requires issuers to file audited annual accounts; OPPY’s failure to comply with this requirement was cited explicitly by the regulator as grounds for preventive suspension.

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What it is doing now

OPPY’s directors told a bondholder assembly in July 2020 that the company was unable to operate as either a wholesale or retail air-ticket seller because of the health emergency, and proposed either a one-year grace period or the issuance of new bonds as a substitute for cash payment of interest due. No agreement was reached.

The company was also in breach of its obligation to submit its financial statements, which had led to a preventive suspension by the Comisión Nacional de Valores (CNV). OPPY nonetheless remains listed on the BVPASA’s official issuer register under the ticker OPP — though no trading activity has been reported since the suspension.

Whether the company has resumed operations or resolved its bondholder dispute after the pandemic is not disclosed in any primary source reviewed as of July 2025.

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What to watch

• Bond resolution: The US$881,000 in bonds placed with investors had no guarantees — bondholders were directed to pursue legal or out-of-court recovery individually. Any court ruling or settlement would be the single most material event for residual creditors.
• CNV reinstatement: Restoration of good standing with the Comisión Nacional de Valores requires filing audited accounts. Until that happens, OPPY cannot legally conduct new market operations.
• Ownership transparency: The company has never publicly disclosed a shareholder register in machine-readable form. If it seeks to re-enter the capital market, full ownership disclosure will be a regulatory prerequisite under the CNV’s corporate-governance rules (Circular N° 013/2022).
• Tourism recovery baseline: Paraguay’s inbound and outbound tourism numbers have recovered since 2022 — the sector tailwind exists. Whether OPPY still has the operational infrastructure to exploit it is unknown.

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This is news, not investment advice.