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EUR 55 million loan details to Pescanova finalized
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Banks recognise Pescanova urgently needs money and analyse the EUR 55 million loan terms. (Photo: StockFile)
EUR 55 million loan details to Pescanova finalized
SPAIN
Tuesday, May 28, 2013, 23:20 (GMT + 9)
Creditor banks of the Galician multinational firm Pescanova are aware of the fact that the critical financial situation forces them to speed up the EUR 55 million loan granting process.
Sabadell, Popular, NCG, CaixaBank, Bankia and Deutsche Bank have already committed to providing such liquidity line.
On Monday the banks sent to the reorganisation administrator Deloitte a statement with the new loan terms needing to be settled.
As soon as Deloitte analyzes it, banks will meet again and make a final decision.
Some of the terms may be the implementation of the Euribor plus 4 per cent at one year, and that the amount of each bank is proportional to the debt.
All the consulted banks avoided making references to the deduction that the debt will have to be subjected to and at the same time they do not consider some information stating it is around 80 per cent of the total at EUR 3,000 million is true.
They indicated that first it is necessary to know what the divestments to be faced are and to determine whether the debt is sustainable and repayable throughout time or not. Anyway, they consider it “logical” that the deduction “is not less than 50 per cent,” the newspaper La Voz de Galicia reported.
Meanwhile, financial sources pointed out that both Pescanova’s shareholders and bondholders have lost all the capital invested in the company, around EUR 369 million.
Besides, they warned that “if the money is not granted before the weekend, there is a serious risk for Pescanova products to disappear from the retail outlet shelves.”
If the brand were to disappear from the market, even if it happens for a short time, “it will be very difficult to regain the prestige and to once more enjoy consumers’ choice,” they added, the newspaper El Pais reported.
It was also said that Deloitte proposed banks to mortgage Pescanova brand so as to ensure the quick reception of the money, Faro de Vigo informed.
Furthermore, the Parliamentary Group of the BNG requested a research committee on the financial status of the fishing enterprise in the Galician Parliament and on the use the firm made of the public support received from the Xunta de Galicia.
Besides, it requested a viability plan to be made as Pescanova is a “strategic” firm for Galicia.
Related article:
– Pescanova project is ‘unique,’ Galician Government ensures
By Analia Murias
editorial@fis.com
www.fis.com
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