Turbot plant set up in Mira, Portugal. (Photo: Pescanova)

Uncertain future for Pescanova’s turbot plant

PORTUGAL
Thursday, July 31, 2014, 23:30 (GMT + 9)

The turbot macro-plant that the Galician multinational firm Pescanova has in Mira, Portugal, urgently needs a capital injection to avoid collapse.

If the fish farm ceases to operate, it will lose its market value.

In early July, Pescanova assigned the auditor Pricewaterhouse Coopers (PwC) to seek a buyer for the turbot macro-plant in Mira.

The lack of agreement between the Spanish banks – the future owner of the fisheries firm -- and the Portuguese ones – which has had the farm and Acuinova Portugal shares mortgaged to restructure debt -- led to the decision to sell the company.

But the biggest drawback, as the arrival of a buyer is expected, is that the money to ensure the survival of the biomass and to avoid the paralysis of the plant is exhausted, the newspaper Faro de Vigo reported.

Financial sources consider that "the banks have to agree" to inject more working capital.

According to rumors, the "rescue" of Acuinova Portugal would involve a EUR 50 million injection in the subsidiary.

Meanwhile, the banks are not interested in saving the Portuguese plant but in getting rid of it, ensuring it continues operational with a production level of 3,000 tonnes of turbot a year.

While an agreement is not reached on how to inject current capital to the farm, Stolt Sea Farm -- the main current turbot producer – accused Pescanova of causing a fall in the resource price for selling it at low cost "for liquidity."

Meanwhile, Pescanova former president, Manuel Fernandez de Sousa, again denied that the board he has chaired until a year ago would deceive the BDO, the company auditor. And he ensured that the auditor "had access to all accounting as it is evidenced by his work papers contributed to the National Audience," the newspaper La Voz de Galicia informed.

Fernández de Sousa questions that someone might believe that the BDO "has stayed out of his financial reality." In his opinion, what is "really true" is that the audit deceived the board of directors and shareholders "due to incompetence and punishable negligence."

Related articles:

- Stolt Sea Farm indirectly blames Pescanova for turbot price drop
- Turbot plant in Portugal becomes a dilemma for Pescanova

By Analia Murias
[email protected]
www.seafood.media

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