Frigorifico Canelones, S.A. (“Canelones”) is a leading manufacturer and exporter of frozen and fresh meat and related products in Uruguay.

During the banking crisis of 2002 – 2003, Pan American Finance advised Canelones on a debt and equity restructuring, including a debt buy-back from a U.S. based investor, the placement of equity with a U.K. based company, a new pre-export financing facility from a European bank, and a US$6 million long-term senior-debt financing for future capital expenditures from the German development bank, DEG.