Products from the subsidiary Bajamar Septima. (Photo: BS)
Four subsidiaries of Pescanova undergoing voluntary creditors meeting
(SPAIN, 7/21/2014)
Mercantile court number 1 of Pontevedra declared voluntary creditors meeting for four subsidiaries of Pescanova, pursuant to an arrangement with creditors of the Galician multinational firm approved by court order in late May.
These companies are Bajamar Septima, Pescanova Alimentación, Frigodis and Frivipesca Chapela, as Pescanova informed the National Securities Market Commission (CNMV).
This measure is considered an important step to facilitate the restructuring of the Spanish multinational firm.
"These are operations that are particularly important to Pescanova, since they are provided in the creditors’ agreement approved for restructuring the group," the firm explained.
Although good results are expected from this measure, the future of the subsidiaries of the multinational is quite dark. This is because 93.95 per cent of the creditors meeting proceedings leads to the closure of the companies, according to data provided by the Office of Economic Research Axesor, Logi News reported.
In early July it was reported that with the approval of the accounts for 2011, 2012 and 2013, the multinational firm left behind the creditors meeting and could think of its refounding as Nueva Pescanova.
Pescanova’s shareholders' board approved with 81.93 per cent in favor and 13.9 per cent against the accounts of the company for the years 2011 (after being reformulated), 2012 and 2013.
Related article:
- Pescanova’s refounding process starts
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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