Global Courant
For a long period of its existence, Molino Cañuelas has not experienced any shocks, apart from some specific problems and the rollercoaster ride that characterizes our economy.
However, the company was unable to list on the New York Stock Exchange in 2018, which had been the route it had chosen to raise more capital and pay off debt it had taken on to modernize its 21 operating facilities , things started not adding up.
The company filed for bankruptcy in July of the same year with a debt of $1.3 billion, making it the largest in Argentine history until Vicentin’s debt emerged with a liability of $1.5 billion.
The creditors’ call was completed in 2021 after the debt review and negotiations with the main creditors, the banks, will begin at the end of October next year. The Company will attempt to achieve the 66% required to approve the payment plan.
Its creditors are the Nation, the Province, the City and HSBC, BICE, Galicia, Hipotecario, BBVA, Santander, Supervielle and Macro. And it owes debts to companies like Cargill and the ACA Cooperative, among others, as well as to foreign companies that have supplied it with equipment.
There are currently ten mills and three industrial plants in operation and employs 3,000 people.
During the competition, Molinos Cañuelas ended up in the hands of Lazard because the agreement with the banks was not reached. It was proposed to extend the repayment of the debt to 10 years at an interest rate of 6% per year in dollars. It is unknown what the new proposal might look like.
The company, still one of the leaders in the food sector, took its first steps when the Navili family founded Laboulaye in Córdoba in 1931 and grew until it arrived in Cañuelas in 1974 and christened the company Molinos Cañuelas.
They are in the top ten in flours, oils, dry pasta, biscuits, biscuits and baked goods and have several weight and quick release brands on the shelves.
