Bacaicoa is a manufacturer of flexible packing solutions based in Pamplona. Its products include films, and retractable and stretch hood for both industrial and consumer applications. The Bacaicoa family, whom Clairfield advised on a divestiture in 2003, refinanced its financial debt. Most of the debt was restructured into long-term debt thus freeing up working capital. Bacaicoa wanted to take better advantage of purchasing cycles in order to improve its long-term profitability. Clairfield helped the client identify the purchasing opportunities and advised on a more appropriate capital structure that would enable the company to implement them.