Apr
29
Pescanova’s facilities in Chapela, Galicia. (Photo: Pescanova)
Pescanova controlled by banks, endorsed by the judge
SPAIN
Tuesday, April 29, 2014, 23:20 (GMT + 9)
The proposed agreement of the creditor banks of the Galician multinational firm Pescanova, replacing that presented by the consortium formed by the brewery Damm and by the investment fund Luxempart, has received the endorsement of Judge Roberto de la Cruz.
Financial sources consulted by the newspaper La Voz de Galicia confirmed that the head of the Mercantile Court 1 of Pontevedra admitted the proposal after determining that there is no legal impediment to the deal. He argued that there is a modification of the document that is admitted and has been subjected to the voting process since 3 April.
According to the new document, the seven major financial creditors –Sabadell, Popular, NCG, CaixaBank, BBVA, Bankia and UBI – will control the Galician fishing firm.
Meanwhile, Pescanova’s counselors have already approved the fact that in the proposal submitted to the judge, the recovery is finally extended to EUR 1,000 million instead of EUR 700 million that appeared in the document of Luxempart and Damm.
In addition, the plan of the financial institutions includes an injection of between EUR 115 million and EUR 125 million of capital with the possible incorporation of one or more industrial partners.
Damn and Luxempart will soon abandon their seats on Pescanova Director Board.
With respect to the recovery of EUR 1,000 million, Expansion reported that the debt tranches will amount to EUR 518 million in the senior one and EUR 490 million in the junior one.
Last week, it had already been anticipated that the Galician multinational firm would not finally be under the control of the brewery firm but of the financial lending institutions.
Related articles:
– Creditor banks assume Pescanova’s rescue without Damm
– Pescanova’s counselors propose marginalize Damm
By Analia Murias
editorial@fis.com
www.fis.com
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