Facilities of Nueva Pescanova in Chapela, Galicia. (Photo: Pescanova)
Nueva Pescanova approves capital increase for more than EUR 300 million
(SPAIN, 1/20/2017)
The board of directors of Nueva Pescanova has given green light to the company's Strategic Plan until 2020 and to the Viability Plan, and has approved to start the procedure that will allow a capital increase of EUR 300-400 million.
The exact amount of the capital increase will be established based on the final adhesion of creditors and partners to the enlargement, in which Pescanova will also have the chance to participate.
Through a statement, Nueva Pescanova said that this increase will be made through capitalization of part of its credits and Pescanova S.A. - known as "Vieja" Pescanova and owner of about 20 per cent of its shares - will also have the opportunity to participate in the operation.
The announcement was made after Nueva Pescanova reached an agreement with the creditors and owners of more than 75 per cent of the group's current debt and capital, that is, La Caixa, Sabadell, Grupo Banco Popular, Abanca, BBVA, Bankia, Ubi, HSBC and SVP financial entities.
Sources close to the company pointed out that the capital increase is essential and necessary for Nueva Pescanova to be able to execute a business plan that requires an investment of EUR 125 million over the next four years. Of this amount, EUR 65 million will be used to support the infrastructure of the group and EUR 60 million to finance capital-generating investments.
"It is a great news for the industry in Galicia and a vote of confidence to the more than 12,000 people who make up the group (...) The company will be able to carry out the necessary renewal of the fleet and the modernization of the production plants, as well as to undertake the transformation of the facilities located in O Grove", the President of the Council, Jacobo Gonzalez-Robbato, said.
Related article:
- Banks expand participation in Pescanova capital
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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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More about:
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Approval / Accreditation / Certified / Oversight by...
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