Molino Cañuelas receives a loan from the government to continue operating

Molino Cañuelas is in a crisis marked by accumulated debt of approximately 1,300 million US dollars.

The owner of 9 de Oro Cookies, among other well-known brands, is about to receive a loan of 4.5 million US dollars from Bice (Investment and Foreign Trade Bank), which which would allow him to maintain his activity. .

It happens that in case of cessation of operations, the stand would touch about 3000 employees working in 21 factories.

Since the beginning of the financial problems, the president of Molinos Cañuelas, Aldo Navilli, has been entrusted to the consulting firm Lazard, which signed an agreement with the banks whose project had been signed at the beginning of the month, indicates Clarín.

However, according to Molinos Cañuelas, Banco Macro – owner of 0.7% of the debt – has filed for bankruptcy.

The draft agreement with other entities plans to extend the payment of the debt to 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. The total adds 40 signatures, says Clarín.

In the middle of this month, Molino Cañuelas badured this afternoon that he was "working actively" to reach an agreement with the creditors.

In Molinos Cañuelas – via a press release – they declared that the company "reached a principle of agreement with the committees of financial creditors, integrated by multilateral credit institutions and international financial institutions, as well as several of the largest public and private national banks, which represent an overwhelming majority of their total financial debt. "

This situation, at the discretion of the food company, "augurs us for decisive support in the pursuit of our industrial and commercial operations, in a normal way".

"In this effort, the parties to the agreement are actively working to put in place the final documentation," the company added.

Molinos Cañuelas has 21 industrial sites and employs more than 3,500 people. The company specializes in the preparation of flours, oils, biscuits, baked goods, pre-mixes for pizzas and frozen foods, among others.

The journalistic version that motivated the responses of Molinos Cañuelas states that "the firm has been living for months a critical financial situation with a million-dollar debt to 30 major banks and other international financial entities that already exceeds 1,350 million US dollars."

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