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A Galician court put an end to the administrative creditors' meeting duties carried out by Deloitte. (Photo: Deloitte)
Court ends Pescanova’s creditors’ meeting
(SPAIN, 6/27/2014)
The Commercial Court No. 1 of Pontevedra ended the creditors’ meeting at the Galician multinational firm Pescanova, with which it restores the power of the board and terminates the work carried out by the insolvency administrator Deloitte.
After this ruling, the company recovers a positive equity value of EUR 447 million.
Besides, the exit of the creditors’ meeting involves "plugging the capital gap" that, considering last year’s accounts, reached some EUR 2,629 million.
In addition, the company will not have to pay for bonds for EUR 54.8 million, which had been imposed by Judge Pablo Ruz of the National Court because the court has just dismissed the appeal by the Cartesian fund, calling for the maintenance of said bond.
The court also ordered that Pescanova must call a special shareholders’ meeting by 23 July at the request of the Cartesian fund. This group has the right to request it as a shareholder with 5 per cent of its capital, the newspaper La Voz de Galicia reported.
Cartesian invested EUR 24 million in Pescanova and is a shareholder through Silicon Metals Holdings.
The meeting will be held in the fishing firm premises in Chapela, Pontevedra, and will be chaired by Redondela notary Jorge Ron Latas.
At the meeting the KPMG’s forensic report and Feasibility Plan prepared by PwC will be made available to shareholders as well as information on mandate terms given to the investment bank Lazard, the agency Europa Press reported.
In addition, the board will be informed on the non-binding offers received by the board under the firm’s restructuring process and the reasons why only the option presented by the brewery firm Damm and investment fund Luxempart was chosen.
The multinational firm also informed the National Securities Market Commission (CNMV) that another meeting of shareholders is expected to be reconvened on 1 July.
It is estimated that the shareholders will approve the restated accounts for 2011 and those for 2012 and 2013, the latter being closed with a loss of EUR 719 million and a capital gap of EUR 2.237 million.
Related article:
- Pescanova’s former president faces another legal setback
By Analia Murias
editorial@seafood.media
www.seafood.media
Information of the company:
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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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