Aug
7
Pescanova urges for an agreement with banks to put a two year long moratorium on its debt payments, which amount to €99.8 million, reports La Voz de Galicia.
The company is also applying for a new credit line of between €30m and €40m. The company will now have to await the decision of the banks, although they have shown skeptical about the viability of Pescanova’s turbot subsidiary in Portugal.
In July, however, Spanish media reported Pescanova had given powers to auditor PriceWaterhouseCoopers to sell its stake in Acuinova the turbot farm located in Portugal.
The fish farm has more than €100m in liabilities, and cost the parent company some €200m after former Pescanova chairman Manuel Fernandez chose the Portuguese village of Mira when Cabo Tourinan, in Galicia, refused the project.
In 2013, operations at Mira’s plant of the largest turbot farm in Europe — Pescanova’s Portuguese subsidiary Acuinova — were resumed, allowing a production of around 3,500 metric tons per year.
“The future of the site will depend on the agreement reached with Portuguese banks,” said Senen Touza, Pescanova’s bankrupcy administrator from Deloitte, at the company’s shareholder meeting held in July 1.
At that time, negotiations on the future of Acuinova seem to end up favoring Portuguese creditor banks’ bid, as they did not want to finance debts.
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