Products of Bajamar, one of the subsidiaries that managed to avoid liquidation. (Photo: Bajamar Séptima)
Creditor banks ensure future of Pescanova’s subsidiaries
(SPAIN, 5/22/2015)
The Commercial Court 1 of Pontevedra accepted the creditors’ meetings of five subsidiaries of the Galician multinational firm Pescanova and all were successful: they managed to avoid liquidation, including Bajamar Septima, which was the one running the highest risk of being liquidated.
The first draft agreement under discussion was Pescanova Alimentacion, presented by the seven creditor banks -- Banco Popular, Sabadell, CaixaBank, Abanca, Bankia, BBVA and UBI Banca --, and it was approved with 95.3 per cent of votes in favour.
This subsidiary has 70 employees and a debt of EUR 651 million, the newspaper Faro de Vigo reported.
After that, the discussion was about the future of Frigodis, Frivipesca (with 300 workers and a total debt of EUR 275 million and an ordinary one of EUR 255 million) and Fricamar (it achieved support of 85.39 per cent).
Sources consulted by FIS.com pointed out that Bajamar Septima was the company facing the most difficulties to overcome the creditors’ meeting, since it presented a proposal of a high reduction to its debt, 95.9 per cent. However, it managed to gain the support of 80.91 per cent of creditors.
Among the main partners of Pescanova are Luxempart (7.5 per cent), Carolina Masaveu (7.1 per cent), Damm (6.2 per cent), the former president of the company, Manuel Fernandez de Sousa, and the Cartesian and Broadbill Investment funds.
According to the calculations of the banks, the Nueva Pescanova will be worth around EUR 130 million are once its subsidiaries in Spain have settled issues. That will imply a reduction of 96 per cent on the EUR 800 million of creditors’ meeting debt of the subsidiaries and the participation in the planned capital increase with cash contributions of EUR 125 million.
This Friday, 22 May, it will be the turn of the remaining five subsidiaries: Pescafresca, Pescafina Bacalao, Insuiña, Frinova and Novapesca Trading.
According to sources of the judicial process, it is certain that the creditors' meetings will validate by majority the agreement of the financial institutions, the newspaper La Voz de Galicia informed.
On 29 May, Pescanova shareholders’ meeting will be held, the last of the multinational firm before the capital increase process, which will have to be completed before 31 November, 2015.
Related article:
- Good prospects noted for the future of Pescanova’s subsidiaries
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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