Damm is part of the consortium that has submitted a proposal to save Pescanova. (Photo: FIS/Stock File)
Pescanova faces decisive hours
(SPAIN, 4/11/2014)
Creditor banks of the Galician multinational firm ensures that the continuity of Pescanova is guaranteed after next Tuesday, when the term to adhere to the agreement submitted by the consortium led by Damm brewery and Luxempart investment fund comes to an end.
Banks maintain their proposal, a plan B they designed in case the plan created by the consortium does not succeed and the company goes into liquidation.
Several financial sources told the newspaper Atlántico that banks pledged to "save" the Galician multinational firm.
Banks seek to recover a third of Pescanova’s liability, that is to say, approximately EUR 1,000 million from EUR 3,000 million that remains trapped while Damm offers only EUR 700 million.
In addition, banks are willing to defer payment of a loan for EUR 18 million due on 28 April, 2014 and to inject new liquidity lines in Pescanova to ensure its continuity.
Meanwhile, Luxempart is ready to invest an additional amount of between EUR 15 million and EUR 25 million in case the proposed agreement it leads with Damm brewery is successful.
But some banks maintain their position to permanently reject the plan devised by the consortium. They argue they have felt deceived by Damm and Luxempart because the business plan is not confined to what had been initially agreed, the newspaper Faro de Vigo reported.
Meanwhile, the trustee of the fishing firm -- Deloitte -- supported the proposed agreement by the consortium and called for a moratorium to repay the loan of EUR 18 million.
From Pescanova it has been emphasized that these last hours before Tuesday are "fundamental." That day, the Commercial Court number 1 of Pontevedra must have in their possession the adhesions or contestation to the covenant proposal to be settled.
Related article:
- Damm insists in rescuing Pescanova
By Analia Murias
editorial@seafood.media
www.seafood.media
Information of the company:
Address:
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Calle José Fernández López, s/n
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City:
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Chapela - Redondela
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State/ZIP:
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Pontevedra, Galicia (36320)
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Country:
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Spain
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Phone:
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+34 986 818 100
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Fax:
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+34 986 818 220
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E-Mail:
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info@pescanova.es
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More about:
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Approval / Accreditation / Certified / Oversight by...
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