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Pescanova’s turbot plant in Mira. (Photo: Pescanova)
Pescanova seeking Portuguese banks to refinance plant in Mira
(SPAIN, 1/23/2015)
In order to prevent the closure of Pescanova’s aquaculture mega-plant in Mira, Portugal, the Galician multinational does not abandon its efforts to ensure that Portuguese banks refinance its debt.
Sources familiar with the negotiations say that it is "the only alternative" to prevent its collapse.
The idea is that Pescanova’s macro-fish farm in Mira continues operating, despite the lack of liquidity and its non-payment of turbot fry received every month from the Galician fishing, Faro de Vigo reported.
The turbot plant belongs to Acuinova Actividades Piscícolas, now in the hands of Portuguese banks, and has a debt of over EUR 100 million.
To Pescanova, rescuing Mira plant is essential for Mougas (Santa Maria de Oia), which belongs to Insuiña subsidiary, to keep its current payroll (50 employees).
To find a buyer for Mira facilities, it is necessary to keep them operational, people close to Pescanova explain.
Mougas plant produces turbot fry, which are mainly intended to Mira macro-plant. Therefore, if Pescanova Portugal stops working, Insuiña would become oversized.
According to Portuguese financial sources quoted by La Voz de Galicia, while waiting for a satisfying buying offer to appear, all billing of Mira factory is intended to fund the maintenance of its facilities and production, which today is well below its capacity.
This plant, which Pescanova opened in 2009 with an investment of EUR 140 million and proclaimed as the greatest turbot plant in the world, reached a production of about 4,400 tonnes in 2014, well below the expected 7,000 tonnes. At the present, its production is around 3,500 tonnes.
Pescanova received a EUR 58.7-million aid from the Portuguese Government.
Related article:
- Banks to refinance Pescanova’s aquaculture macro-plant in Mira
By Analia Murias
editorial@seafood.media
www.seafood.media
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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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Pontevedra, Galicia (36320)
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Spain
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+34 986 818 100
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+34 986 818 220
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info@pescanova.es
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