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Pescanova vessel. (Photo: Pescanova)
New Pescanova is waiting for creditors and court’s 'green light'
SPAIN
Tuesday, March 11, 2014, 00:10 (GMT + 9)
After the suggestion made by the current board of directors of the Galician multinational firm Pescanova to re-found and rebuild a New Pescanova, the approval of the Commercial Court number 1 of Pontevedra -- carrying out the creditors’ meeting -- and of creditor banks is expected.
According to the available data, Pescanova has a debt amounting to about EUR 4,200 million.
If the business plan is accepted, in 2015 it would lose EUR 13 million; in 2016, the loss would be EUR 1 million; and in 2017 the financial recovery would start.
For this year, it is estimated that the benefits would amount to EUR 7 million; and in 2020 to EUR 53 million net, reported El Mundo.
The viability plan data are included with the proposed creditors’ agreement filed in the Court and the National Securities Market Commission (CNMV) by the consortium made up of Damm and Luxempart investment fund.
This initiative provides that New Pescanova is to receive EUR 150 million to finance the needs of the business after the restructuring.
Out of this total, EUR 37.5 million will be new capital and EUR 112.5 million will be financed in the long-term.
It is estimated that this funding will have a seven-year maturity, an interest of 15 per cent per annum and will be secured by a pledge over the entire capital of the subsidiaries of New Pescanova.
On the other hand, the 1,500 workers Pescanova has are worried about their jobs, the newspaper La Voz de Galicia reported.
And Damm estimated the 12 Spanish subsidiaries of the group are to experience the consequences of the merger process and after the insolvency is settled, will become part of New Pescanova.
These companies are: Pescafina, Novapesca Trading, Insuiña, Frigodis, Frinova, Bajamar Séptima, Pescafresca, Lafonia Sea Foods, Fricatamar, Frivipesca Chapela, Pescanova Alimentación and Pescafina Bacalao.
Related article:
A new Pescanova firm to be born in April?
By Analia Murias
[email protected]
www.seafood.media
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