Feb
12
Nova Austral fish farm. (Photo: Sitecna)
Uncertain future for Pescanova’s Chilean subsidiaries
CHILE
Wednesday, February 12, 2014, 23:50 (GMT + 9)
Creditor banks of Galician multinational Pescanova would accept waiving aquaculture activities in subsidiaries located in Chile — Pesca Chile, Acuinova and Nova Austral — at least in a first stage.
This information, released by Estrategia newspaper, arises in the context of the sale such companies undergo, led by bankruptcy receiver Herman Chadwick.
The Galician company is also evaluating the possibility of ‘getting rid’ of the processing plant in Guatemala, and turbot facilities in Mira, Portugal.
To date, the Canadian company Cupquelan and Norwegian Marine Harvest, along with a list of investors led by Econsult, submitted bids to keep Pesca Chile salmon assets.
Furthermore, Banco Sabadell informed investors that Pescanova’s management committee of creditors seeks a 90 per cent share in exchange for a 60 per cent cut or a little over EUR 2,000 million of the multinational’s bank liabilities, while capitalizing the remaining debt.
According to that bank, the creditors’ committee should disregard “aquaculture activities in Portugal, Chile and Guatemala” and focus only on the assets the company has in Spain.
This proposal would be considered only if the other offers — that of Pescanova’s shareholders, Damm and Luxempart, together with KKR and Ergon Capital Partners investment funds; and the one proposed by Centerbridge and BlueCrest investment funds — fail to convince most creditors.
In that case, banks could intervene to inject EUR 250 million, while the operations in the South American country are settled.
Damm, BlueCrest and Centerbridge stated their wish to keep Pesca Chile and its salmon subsidiaries, Diario Financiero reported.
Meanwhile, Francisco Conde, Galician Minister of Industry, stressed that the future of Pescanova involves remaining as “A business unit, based in Galicia”, and with an industrial partner to ensure the viability of the firm.
“This unity means no sale of Pescanova’s strategic assets,” the official added.
Conde was confident on that an agreement with an industrial partner will take place” ensuring business continuity and supported by new investment contributions, to guarantee the viability of the company,” newspaper La Voz de Galicia informed.
Related articles:
– The situation of Pescanova is ‘critical’, its president warns
– Banks may renew credit line to Pesca Chile
By Analia Murias
editorial@fis.com
www.fis.com
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