|
Deloitte, Pescanova's trustee, received a written proposal from creditor banks. (Photo: Deloitte)
Creditor banks present rescue plan for Pescanova
(SPAIN, 4/2/2014)
Five creditor banks of Pescanova -- Sabadell, Popular, CaixaBank, Novagalicia Banco (NCG) and BBVA -- presented Deloitte (the trustee) a written proposal to revive the Galician multinational firm if it is auctioned. This process will take place if the deal with creditors of the consortium led by Damm does not get the 51 per cent support of the debt.
The five banks commit to inject EUR 115 million of capital and endorse EUR 1,000 million of debt, and they ensure that they will try to stabilize the company in all its production units.
Now Bankia and Banca UBI have separated from the group known as G7 but the bank does not rule out that a new industrial partner will join the process, Cinco Dias reported.
In the middle of last month, the Commercial Court number 1 of Pontevedra admitted the proposed agreement into the transaction process as well as Pescanova’s feasibility plan, after the consortium submitted some changes to the original text.
The deadline to join the initiative is on 14 April.
According to the data provided by the multinational firm, total debt exceeds EUR 4,000 million and negative equity amounts to EUR 1,500 million.
On the other hand, the president of Banco Sabadell, Josep Oliu, admitted that "it is not easy" to reach an agreement "among the many creditor banks.”
For the banker, Pescanova requires "a different management that has to be professional." Moreover, he argues that "whoever the shareholder, it is less important," EFE agency reports.
Banks explained that the proposed EUR 115 million injection will be used exclusively to Spanish companies and all foreign subsidiaries will have to refinance its debt with local entities.
"Banks only want to ensure the continuity of Pescanova," he concluded, the newspaper Faro de Vigo informed.
Related article:
- Pescanova’s creditor banks end negotiations with Damm
By Analia Murias
editorial@seafood.media
www.seafood.media
Information of the company:
|
Address:
|
Calle José Fernández López, s/n
|
|
City:
|
Chapela - Redondela
|
|
State/ZIP:
|
Pontevedra, Galicia (36320)
|
|
Country:
|
Spain
|
|
Phone:
|
+34 986 818 100
|
|
Fax:
|
+34 986 818 220
|
|
E-Mail:
|
info@pescanova.es
|
More about: 
|
|
|
Approval / Accreditation / Certified / Oversight by...
|
Print
