Molino Cañuelas: BICE gives him help until the renegotiation of a debt of 1,300 million USD ends – 26/03/2019

For a fairly long period of his life, Molino Cañuelas did not have any cimbronazo, with the exception of some specific problems related to the pace of the roller coaster that characterize our economy. But since 2018, he could no longer go to the New York Stock Exchange, which had been chosen to find more capital and stretch a debt that had necessitated the modernization of its 21 operating factories, things started to no longer be profitable. The company was forced to renegotiate with a group of banks and other creditors the terms of a debt of 1,300 million US dollars.. It is the owner of iconic brands such as Galletitas 9 de oro.

The novelty is that Bice would give a credit of 4.5 million US dollars so that the company can continue to operate and not be left on the street. 3,000 employees working in its 21 factories.

Since the beginning of the financial problems, the owner of Molinos Cañuelas, Aldo Navilli, has been entrusted to Lazard, who signed an agreement with the banks whose project had been signed at the beginning of the month. But some entities have claimed kick the board. Banco Macro – owner of 0.7% of the debt, according to Molinos Cañuelas- He asked for bankruptcy. And that's what happened American Cargill launched the cry in the sky by his flour division that he sold to Molinos Cañuelas and that it would have remained unpaid in a high proportion. At Molinos Cañuelas, they badure that this is not the case.

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The Macro, in turn, filed for bankruptcy in a court that does not correspond and that would soon be declared incompetent. An evil to impede agreement with other banks?

The draft pre-agreement with other entities plans to extend the payment of the debt over 10 years at an annual rate of 6%. Although there are disputes between banks to find out who will charge the first The main creditors are the IFC of the World Bank, as well as the Dutch companies ING and Rabobank. What is certain is that add 40.

The company, which is one of the leaders in food, took its first steps when, in 1931, the Navilli family acquired Cordoba Laboulaye and grew up until 1974, she came to Cañuelas and named the company Molinos Cañuelas. They are among the top ten flours, oils, dry pasta, sponge cakes, biscuits, frozen bread products and have several weight marks and fast exit gondolas.

Account with 62 agro-services centers, 40 supply centers and 20 storage centers geographically distributed in ten provinces. Its frozen food factory is one of the most modern in the world and provides supermarket chains, gas stations, fast food outlets and other stores. It has subsidiaries in Uruguay and Brazil. What is said is sustained growth.

Where was the fault? His most caring creditors have seen excessive expansion. According to other bankers, "Navilli's purchase of 70,000 hectares of fields would have decapitated the company," according to a banker.