Pescanova's facilities. (Photo: Pescanova)

Pescanova’s turnaround plan delayed until 30 November

The turnaround plan of multinational Pescanova has been delayed with deadline set on 30 November, time from which the company could lose up to EUR 500 million in tax credits.

That is the limit date established by the creditor banks of the Galician group, given the delay in the approval by Judge Pablo Ruz of voluntary creditors’ meetings of ten subsidiaries of the food company. This delay is due to the impossibility of knowing the actual liabilities of each of the companies.

Official sources of banks that pledged to become Nueva Pescanova shareholders, after the holding restructuring, have recognized that the timetable for the turnaround of the fishing enterprise is much slower than expected.

The choice of 30 November has to do with the last tax reform, which states that certain tax benefits derived from debt cut can only be utilized if the fiscal year runs from 1 December to 30 November instead of, as is traditional in most of the listed groups, from 1 January to 31 December. If Pescanova failed to have its global accounts closed that day, it would not qualify for the previous tax regulation, El Confidencial informed.

Without those tax credits estimated in around EUR 500 million, the viability of Pescanova would be in serious danger: the company led by Jacobo Gonzalez Robatto and directed by Senen Touza, its CEO, would be doomed to liquidation.

Sabadell, Popular and CaixaBank, the three largest creditors together with Bankia, BBVA, Novagalicia and Banco Italiano UBI, are trying to convince the judge to speed creditors’ arrangement of the subsidiaries.

The delay has become very worrying for the banks that have agreed to inject USD 150 million once the subsidiaries are restructured.

The first application submitted before the Pontevedra Commercial Court was in July 2014. At that time, Pescanova requested the voluntary payment suspension for four subsidiaries (Bajamar Septima, Pescanova Alimentacion, Frigodis y Frivipesca Chapela) and then did the same with Fricatamar, Frinova, Insuiña, Pescafresca y Pescafina Bacalao. In November, it also asked it for Novapesca Trading.

 Related articles:

- Pescanova earned more than EUR 1.6 billion in 2014
- Pescanova stops employment adjustment plans
- Pescanova minority shareholders call to extend lawsuit against bank
- Pescanova requests creditors’ meeting for five subsidiaries

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Address:	Calle José Fernández López, s/n
City:	Chapela - Redondela
State/ZIP:	Pontevedra, Galicia (36320)
Country:	Spain
Phone:	+34 986 818 100
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