The 'old Pescanova' challenges the refinancing agreement of Nueva Pescanova
SPAIN
Saturday, September 12, 2020, 16:00 (GMT + 9)
The 'old Pescanova' has filed an incidental claim to challenge the order issued last August by the Mercantile Court number one in Pontevedra, which approved the refinancing agreement signed by Nueva Pescanova.
The fishing company signed this agreement with Abanca Corporación Bancaria, owner of 80.46% of its share capital, as well as with other creditors of the company, the latter holders of financial debt amounting to approximately 200,000 euros.
The objective of this challenge, as reported by the company to the National Securities Market Commission (CNMV), is the revocation of said order, taking into account the "frontal breach" by the refinancing agreement of the terms of the additional provision fourth of the Bankruptcy Law, in its current wording at the time of the formalization of the agreement, in order to avoid the de-patrimonialization of the creditors and partners of Nueva Pescanova in favor of Abanca.
Other creditors have filed challenges in parallel, which will be resolved jointly by the Commercial Court number one of Pontevedra.
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