Jun
26
After two months’ negotiations, Deloitte would be able to sign the EUR 55 million loan agreement for Pescanova on Thursday. (Photo: Deloitte)
Deloitte, about to obtain urgent loan for Pescanova
SPAIN
Thursday, June 27, 2013, 01:20 (GMT + 9)
Deloitte, the reorganisation administrator of Pescanova, is expected to sign the EUR 55 million loan on Thursday, which the Galician company urgently needs to face the financial crisis it is undergoing and to continue operating.
This loan will eventually receive the support from seven Spanish banks, after two months’ negotiations in which foreign banks decided to stand aside.
The banks supporting this decision are Sabadell, Popular, NCG Banco, Caixabank and Bankia, Santander and BBVA, while Deutsche Bank and Commerzbank decided not to join the operation to aid the multinational fishing firm.
Besides, earlier this month the Xunta de Galicia announced that it will provide EUR 4 million, 7 per cent of the total; while the remaining EUR 51 million will be prorated among banks according to the debt.
For banks and Deloitte, this ‘express’ loan is crucial to the continuity of the Galician company and to the improvement of its financial situation.
The loan grant is subject to the following conditions: Pescanova brand and Chapela headquarters are set as endorsements to perform the operation; and the liquidity will be destined to fund working capital and will be considered a privileged debt with an interest rate of Euribor and 4 per cent more a year later.
Thus, banks will have charge preference to recover the lent money, which will help Pescanova’s daily management and the payment to suppliers and payroll, the agency Europa Press reported.
As soon as the loan is settled, Deloitte will address the refinancing of the debt, without ruling out divestment of certain assets or bank entry in its capital.
At present, the Spanish banks concentrate most of the debt: Sabadell (EUR 222 million), Popular (EUR 165.5 million), Novagalicia Banco (EUR 161.58 million), Caixabank (EUR 157.44 million) and Bankia (EUR 126 million).
The latest official data reported by Pescanova to the National Securities Market Commission (CNMV) indicates a total debt of EUR 1,522 million, but the Luxempart fund from Luxembourg has estimated that the debt would reach EUR 4,500 million.
Meanwhile, several financial sources believe the debt amounts to over EUR 3,000 million.
Furthermore, Pesca Chile this week begins to sell nine vessels and the two salmon subsidiaries Pescanova has in Chile.
The bankruptcy trustee, Herman Chadwick, confirmed to the newspaper Faro de Vigo that he will report to creditors on the “state of affairs” of Pesca Chile and the negotiations held with seven banks to receive liquidity of up to EUR 15 million.
This is the first subsidiary of Pescanova’s that begins the road to separate from the Galician matrix firm.
Related articles:
– Luxempart admits EUR 52 million loss after investment in Pescanova
– Pesca Chile expecting an urgent huge loan
By Analia Murias
editorial@fis.com
www.fis.com
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