Millionaire contestant Molino Cañuelas withdraws, presents three payment plans to his 650 creditors
Molino Canuelas, Argentina's leading wheat flour producer with a 25% market share, has reached an agreement with its 650 creditors. The details of the agreement, however, remain scant due to a lack of publicly available information.
According to the agreement, approved by the Cordoba Justice Department on July 31, 2024, the payment plan consists of three options: cash, short-term, and long-term. If the cash option is chosen, a single payment equivalent to 12.5% of the bankruptcy credit will be made. For the short-term alternative, the haircut reaches 63% with a payment term of six years. The third option recognizes 100% of the debt, with a payment term of 14 years.
Molino Canuelas, owned by the Navilli family, employs 4,000 direct workers and has more than 20 brands. The company boasts an annual production of over 2.2 million tons and exports to more than 80 countries.
Meanwhile, the Veronica dairy company is in crisis and seeking a buyer. Reports suggest that the company wants to lay off 210 employees. The exact reasons for the company's financial troubles are not yet clear.
Elsewhere, Celulose Argentina has halted production in two plants. The company is seeking a partner to enter the business, as it navigates through its own financial difficulties.
In other news, Liam Neeson's son reacted to his father's romantic relationship with Pamela Anderson, while an airplane hit a bird, destroying the nose in mid-flight, and had to land in Madrid. Additionally, there is an alarm in Peronism as four important provinces are at risk of collapse or defeat where they seek to reduce damage.
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- The sports industry may face challenges if Molino Canuelas, a significant player in Argentina's business world, continues to experience financial difficulties, given the company's large workforce and wide export reach.
- As finance plays a crucial role in the business world, the successful resolution of Molino Canuelas' debt restructuring could have a significant impact on the Argentinean business and finance landscape.
