Overview

• The Río Cuarto civil and commercial court approved the homologation of Molino Cañuelas’ preventive restructuring accord on July 31, finalizing a process that began in September 2021.
• Creditors representing 89.07% of the $1.3 billion debt endorsed three repayment tracks that respect original currencies, offering a 12.5% up-front payment, a six-year plan with a 63% haircut or a full-principal option over 14 years.
• The ruling closes Argentina’s second-largest corporate insolvency case after Vicentin and shifts the company from judicial protection to execution of its debt plan under guidance from First Capital Group and legal advisers.
• The approved framework maintains the currency of origin for liabilities, reflecting that 99% of unsecured debt was denominated in foreign currency, primarily U.S. dollars.
• In mid-July, the Navilli family’s Molinos Florencia unit expanded retail operations by acquiring the Costumbres Argentinas bakery chain, marking the group’s push into downstream food retail.