Pescanova's factory in Galicia. (Photo: Pescanova)

Pescanova to contribute EUR 2.4 million for 5pc of new company

SPAIN
Friday, August 21, 2015, 23:50 (GMT + 9)

Pescanova’s creditor banks request the Galician multinational firm EUR 2.4 million of its assets to have 5 per cent of the company Nueva Pescanova, which is to be constituted on 15 November.

The report that the company sent to the National Securities Market Commission (CNMV) details that the contribution of 5 per cent is to be differently made from what is set in the provisions of the agreement, La Voz de Galicia informed.

This agreement stated that if the assets of the multinational firm remained negative, the new company would contribute EUR 2.4 million. But as it is positive (EUR 59.9 million), the current Pescanova will make the contribution of that capital to gain the 5 per cent that was agreed.

Creditor banks should provide EUR 39 million in cash and EUR 18 million as debt capitalization.

The company confirmed that the refounding process will make it possible to keep the 1,190 jobs in Spain.

According to the joint merger and double segregation project that Pescanova expects to submit for approval at the next general meeting, its restructure will occur in two steps:

• Pescanova’s subsidiaries that dodged the liquidation will be merged into Pescanova España, from which Nueva Pescanova will be eventually segregated. This new company will include shares in international subsidiaries, the share in Pescanova España, Pescanova’s 'holding' activity and the brand;
• Nueva Pescanova will launch the capital increase for EUR 150 million under the proposed agreement with which the company emerged from the creditors’ meeting last year.

Nueva Pescanova is expected to pay to the 'old' Pescanova EUR 255,000 per year, in one payment and as coverage of general operating expenses, EFE agency reported.

Related article:

- Pescanova's sales grow, but loss amounts to EUR 24.7 million in H1

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

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