Jun
20
Green light for urgent loan to Pescanova
Filed Under EN
Apparently Deliotte is about to obtain the requested loan so Pescanova can continue operating. (Photo: FIS Stock)
Green light for urgent loan to Pescanova
SPAIN
Friday, June 21, 2013, 04:00 (GMT + 9)
From Wednesday, banks Sabadell, NovaGalicia, Popular, CaixaBank, Deutsche Bank, BBVA, Santander and Bankia are finalizing the wording — and subsequent review by their legal teams — of the urgent loan contracts for EUR 55 million that will be granted to the Galician multinational firm Pescanova.
The banks held a conference call to settle the negotiations after the final green light was given by Bankia, which had expressed doubts about the company’s real situation and its viability, La Voz de Galicia reported.
Besides, there was also uncertainty that the Deutsche Bank departed from the operation, in which it has remained as the only foreign entity.
This loan has been negotiated for several weeks by Deloitte, Pescanova’s reorganisation administrator. Moreover, the operation will be supported by the Xunta de Galicia, which will provide EUR 4 million.
The company has to ensure that the money it will receive will be destined to meet the immediate payments to suppliers and meet payroll, which are beginning to be in danger, explained El Economista.
Meanwhile, Pescanova’s chairman, Manuel Fernández de Sousa, who now owns only 7 per cent of the capital, was accused of having ‘kidnapped the board’ on which he maintains control by several shareholders who have been critical of his management –Damm, Luxempart and Iberfomento.
And KPMG, the company responsible for developing Pescanova’s forensic audit, is getting ready to deliver its first preliminary report to the judge handling the creditors’ meeting, Roberto de la Cruz, to the National Securities Market Commission (CNMV) and Deloitte.
Sources consulted by the newspaper Faro de Vigo commented that the KPMG report will show that “the leadership of the company featured collaborators” when it conducted illegal accounting practices.
“There are many people that were aware of the fact, the document may contain harsh conclusions,” they pointed out.
Moreover, Pescanova Inc., a subsidiary of the multinational firm that is located in Florida (US), agreed to pay a fine of USD 35,000 and to the confiscation of the proceeds, for the marketing a lot of cod without permit requirements in that country.
Related articles:
– Creditor bank’s doubts delay urgent loan to Pescanova
– Pescanova agrees to pay USD 35,000 in fines
By Analia Murias
editorial@fis.com
www.fis.com
Comments
Leave a Reply
You must be logged in to post a comment.