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Pescanova factory. (Photo credit: Pescanova)
Pescanova granted 63.65 pc of creditor bank support
SPAIN
Tuesday, May 06, 2014, 23:50 (GMT + 9)
The agreement of the multinational fisheries firm Pescanova already has the support of 63.65 per cent of the financial and trade creditors — Banco Sabadell, Banco Popular, CaixaBank, NCG Banco, BBVA, Bankia and UBI Banca –, which will make it possible to avoid its liquidation.
As it was indicated by the Galician company to the National Securities Market Commission (CNMV), the support to the viability plan exceeds the legally required limit of 51 per cent, considering that these banks account for 30 per cent of the liability, reported Es Radio.
Pescanova pointed out: “It is considered that this is a historic moment.”
“It marks the beginning of a new phase in which the group will remain as one of the main Galician multinational firms and head of a reference group in the fisheries and aquaculture activity worldwide,” added the company in the document submitted to the CNMV.
Thus, Damm brewery firm and Luxempark investment fund eventually withdrew from negotiations to control the fishing firm because of the power of the creditor banks, reported La Opinión.
Mercantile court number 1 of Pontevedra extended the deadline for joining Pescanova creditors´ agreement until Wednesday, the very day on which the creditors’ meeting of Pescafina was held.
At that time, Pescafina’s agreement was approved, and Pescanova has 95 per cent of the capital of the firm.
This subsidiary, the largest one of Pescanova’s, is based in Madrid and was declared as undergoing creditors’ meeting in July.
Finally, the creditor banks of Pescanova are evaluating the possibility that a risk capital fund manages it, the newspaper La Voz de Galicia reported.
The proposal of the Xunta de Galicia is for the multinational firm to have an industrial partner, if possible of Galician origin.
Related article:
– Pescanova controlled by banks, endorsed by the judge
By Analia Murias
editorial@fis.com
www.fis.com
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