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Pescanova's turbot plant in Mira, Portugal. (Photo: Pescanova)
Nueva Pescanova resorts to judicial proceedings to save turbot macro-plant
(SPAIN, 2/1/2017)
Nueva Pescanova has opted for pre-insolvency proceedings in Portugal to save its turbot farming business in Mira, which allows it to negotiate with the creditors and the Portuguese bank, and put in motion a feasibility plan for the largest turbot farm in Europe.
The company announced that Acuinova, a company of Nueva Pescanova Group, whose activity is the management of the turbot farm in Mira, has submitted a request for a Special Revitalization of Companies (PER) process to the Portuguese judicial authorities to save the fish plant.
The multinational is confident of reaching a refinancing agreement with its creditors, mainly with the Portuguese banks BPI, Millennium BCP, Caixa General de Depositos and NovoBanco, to reduce the financial burden and redirect the Portuguese project.
For its part, Nueva Pescanova would contribute with its debt remission and the loss of the founding capital of Acuinova-Mira.
Nueva Pescanova explains that the approval of the PER will allow the viability and continuity of Acuinova-Mira activity, which requires a reduction of its accumulated debt, since it is an unbearable financial burden that hinders the overcoming of difficulties arisen to a large extent by technical problems unleashed seven years ago from the emissaries to capture Mira's facilities, caused by construction defects, and that are being discussed in court.
Despite this situation, and operating at 30 per cent of its capacity, the company generated a positive EBITDA last year and is up to date on the payment of wages and taxes, which makes it possible to recover through this debt restructuring agreement.
During this process, which is estimated to last around four months, the company will maintain its normal operation, under the supervision of a trustee.
Acuinova-Mira employs 127 people and produces between 1.900 and 2.300 tonnes of quality turbot per year, which accounts for between 20 per cent and 25 per cent of Portuguese aquaculture production, and positions the company as one of the leaders in the sector.
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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