Jacobo Gonzalez Robatto. (Photo: Stock File)

Banks assume effective control of Nueva Pescanova

The board of stakeholders of Nueva Pescanova on Thursday offered its approval to the appointment of Jacobo Gonzalez Robatto as sole director of the company, with which creditor banks assume effective control of the multinational fishing firm.

A new phase starts for the multinational company in which the G-7 (Abanca, Caixabank, Sabadell, Bankia, BBVA, Popular and UBI Banca) owns 62 per cent while the former shareholders of Pescanova hold only 20 per cent.

The meeting, held at the headquarters of the fishing firm in Chapela-Redondela (Pontevedra), has opened the way to the creation of the administration board that will manage Nueva Pescanova in the future and in which there will be at least one representative adviser of the former shareholders (about 9,000). This body will be responsible for routing Nueva Pescanova in its foreseeable return to the Exchange, upon its release in 2013.

Speaking to the media, Gonzalez Robatto ensured that "there is no expected short or medium term disinvestment", and confirmed that no contacts with an investor has taken place to allow new partners in the company.

Moreover, in a letter to the 12,000 employees of the group, he predicted that earlier next a new board will be created.

He also promised "a thorough study to ensure that the company has an excellent asset and corporate situation."

Without providing further details, he said the firm’s debt, following the acquittal accepted by banks, has been reduced to "about EUR 1,200 million," an amount that banks have slightly less than half.

"If the debt is divided among the seven creditor banks, it is not an exhibition that we can not afford. It is not a very large investment individually and, therefore, there is no hurry to leave," he stressed.

Regarding the future of the company, Gonzalez Robatto announced the development of a plan for its potential to grow and strengthen. He also said that they do not provide for workforce adjustments, but "to work" in order to improve the figures.

Related articles:

- Banco Popular director proposed as Nueva Pescanova manager
- Pescanova’s shareholders retain 20pc share
- Minority shareholders' proposal not to affect Pescanova restructuring process

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