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A plant belonging to Pescanova. (Photo: Pescanova)
Pescanova assesses options to ensure job continuity
(SPAIN, 3/27/2015)
The board of directors of the Galician multinational firm Pescanova is evaluating alternatives in case the shareholders disapprove the creditors agreement of the 10 subsidiaries that are undergoing creditors’ meeting.
The company decided to hire a group of experts in restructuring and re-establishing companies in order for Pescanova “to remain complete with all the jobs," the firm sources told Atlantico.
Currently there are two subsidiaries that could not avoid liquidation: Frinova and Bajamar Septima.
However, sources indicated that Pescanova "does not shelve" and seeks to continue with the maximum activity possible without "any prejudice for the company or for the creditors".
The board and banks have failed to reach an agreement, so the future of the multinational firm becomes entangled again.
A few days ago, Pescanova sent the Commercial Court No. 1 of Pontevedra its approach to the agreement for the subsidiaries that are undergoing creditors’ meeting: Bajamar, Pescanova Alimentación, Frigodis, Frivipesca Chapela, Fricatamar, Pescafresca, Pescafina Bacalao, Insuiña, Frinova and Novapesca Trading --, in which it proposes reductions to the debt of between 70 per cent and 99 per cent.
In all the cases, the liability payment period was set at eight and a half years.
Presently, Pescanova has a debt of over EUR 3,000 million. Its capital is divided between minority shareholders, accounting for 60 per cent, and reference shareholders, such as Damm, Luxempart and the former first shareholder of the company, Manuel Fernández Sousa.
Since the collapse of the group, the firm has been stormed by reference investors such as Carolina Masaveu, who bought 7 per cent, and the vulture fund Broadbill Investment, recalled El Confidencial.
Related article:
- Pescanova begins negotiations with creditors of its subsidiaries
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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