From the supposed "resounding success" to the creditors' meeting: Malinche, Nacho Cano's musical backed by Ayuso, accumulates millionaire debts

What for years was presented as one of the great cultural projects of Madrid and which has been praised by the regional president, Isabel Díaz Ayuso, has ended in creditors' voluntary arrangement, millionaire losses and a significant list of outstanding debts. The musical Malinche, created by Nacho Cano, definitively closed its doors in March 2025, leaving behind a complicated financial situation.

According to the accounts published by 'El Confidencial', the company promoting the show accumulated losses during the three full years of activity. In 2023 it registered red numbers close to two million euros, in 2024 it lost another 1.45 million and in 2025 the negative result shot up to 3.9 million. In total, the company's debt reached 6.2 million euros.

The closure of the musical surprised many observers, as those responsible for the production had publicly defended during its first seasons that it was a very successful project. However, the economic situation was much more delicate than what was publicly conveyed.

Part of the consequences of this bankruptcy directly affect entities with public participation. One of them is Ifema, the Madrid exhibition center where the work was performed since 2022. According to information published by 'elDiario.es', the institution had to take charge of dismantling the facilities after the company failed to meet the requirements made to undertake these works.

This action alone cost more than 249,000 euros. Adding that amount to other defaults related to the use of spaces and different contractual concepts, the promoter's debt with Ifema approaches one million euros. The institution is majority owned by the Community and the City Council of Madrid.

The accounts also reflect outstanding obligations with the General Treasury of Social Security, which exceed 238,000 euros.

Among the private creditors are several companies and entrepreneurs who financed or collaborated with the project. According to information released by 'El Confidencial', one of the main affected is Ferrado QT LLD, a company linked to Sandra Ortega, daughter of the founder of Inditex, Amancio Ortega. The Peruvian businessman Carlos Añaños also appears among the creditors, who made financial contributions through the company Llapan SL.

The list of affected parties also includes companies with which Malinche maintained commercial agreements. Among them are Hijos de Rivera, owner of the Estrella Galicia brand, related to the operation of the venue's restaurant area, and the security company Prosegur.

To the delicate financial situation was added a progressive loss of spectators. Official attendance data from Ifema, to which Somos Madrid has had access, show a very different evolution from the image of continuous success conveyed by the organization. During the first months after its premiere, the musical gathered 70,855 spectators. Its best year was 2023, when it reached 261,488 attendees. However, in 2024 there was a sharp decline: the number of spectators fell to 114,561, less than half of those registered during its year of greatest attendance.

The definitive closure came after the construction of the future Formula 1 circuit in Madrid. However, the economic and attendance data known in recent weeks suggest that the project's difficulties had been present much earlier. The drop in audience, accumulated losses, and increasing debts ultimately turned one of Nacho Cano's most ambitious projects into a large-scale business failure.