Molino Cañuelas completes its debt restructuring
Molino Cañuelas, one of Argentina’s most iconic food companies, received court approval for its debt restructuring agreement, marking the successful conclusion of a complex and unprecedented process.
Founded nearly 100 years ago, Molino Cañuelas is a vertically integrated food company, from raw materials to the end consumer. It follows global nutrition and food trends, offering solutions through innovative products of high quality and affordable prices.
Following multiple failed restructuring attempts and years of litigation, Molino Cañuelas retained Clairfield in Argentina (First Capital Group) in December 2023 for what would become its final and decisive effort to restructure its liabilities. The company faced a total debt of US$1.5 billion, one of the largest private restructurings in Argentina’s history and equivalent to more than ten times its EBITDA.
Our advisory team assembled a dedicated team of professionals, who worked in an uninterrupted effort over 12 months, navigating multiple stages of negotiations, designing proposals, engaging with more than 650 creditors and building trust with stakeholders. The process demanded not only financial and legal expertise, but also a deep understanding of the diverse profiles of creditors across several jurisdictions ranging from local and international banks to development agencies, private funds and multinational companies. We emphasised transparency, constructive dialogue, and persistence, ensuring creditors remained engaged and informed even amid understandable fatigue after years of uncertainty.
Throughout the process, four formal proposals were submitted, incorporating extensive feedback and negotiations with creditors holding 98% of the debt. Three final options were ultimately presented: an immediate exit strategy, a mid-term alternative with improved recovery, and a long-term solution with full capital recovery and additional interest for public sector entities.
On 13 December 2024, the agreement received 89% creditor approval, ending the exclusivity period. This outcome reflects not only the company’s determination to restore its financial health, but also the unwavering commitment of the advisory team, whose collaborative effort was instrumental in achieving one of the most significant debt restructurings in the country’s private sector.
Despite operating in a volatile economic environment and undergoing a change in national government, Molino Cañuelas remained operational and demonstrated resilience. Molino Cañuelas is now positioned to meet its obligations, rebuild its financial stability, and continue its path toward sustainable growth.
Consumer & retail
Debt restructuring
Advisor to Molino Cañuelas
Services :
Secteurs :
Countries involved :
Argentina
Deal team :
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