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Pescanova fishing products. (Photo: Pescanova)
Pescanova stops employment adjustment plans
SPAIN
Friday, January 30, 2015, 23:30 (GMT + 9)
The good sales recorded last year and the successes achieved in the last six months have led multinational Pescanova to stop employment adjustment plans in the matrix and some subsidiaries.
According to a company’s statement sent last Saturday to the National Securities Market Commission (CNMV), between January and November last year, it had sales of EUR 1 billion.
With regard to Frinova subsidiary, the multinational linked the need to regulate employment with the loss of big chains as customers, such as Lidl and Mercadona, failing to further adjust prices, as these large distributors demanded, newspaper La Voz Galicia reported.
Union sources and from Pescanova itself indicated that the company hired an external auditor specializing in human resources management to measure and assess the payroll dimension.
In addition, the audit will assess the needs of staff and reorganize the existing personnel because of the possibility of reorganization prior to the re-foundation of the company as Nueva Pescanova.
The same sources recalled that the multinational viability plan does not consider the need to reduce the workforce.
On the other hand, the arrangements with creditors of the 10 Spanish subsidiaries under court receivership finish in February and March 2015. Following, the proposed agreement will be presented and later, perhaps in May, the voting shall be carried out. The lifting of insolvency proceedings are expected to take place in June.
Once the balance sheets of the 10 subsidiaries are clean, the corporate restructuring of the firm will start, which includes mergers and takeovers before the shareholder meeting call.
At that time, it is expected that banks take control of Nueva Pescanova, with 30 November 2015 as deadline date.
Last October, Jacobo Gonzalez-Robatto, president of the Monitoring Committee, anticipated they expected that during the second quarter of 2015 “everything would be normalized,” Atlantico reported.
Meanwhile, minority shareholders have asked the Prime Minister, Mariano Rajoy, to mediate between CNMV and Pescanova, so it can be on the list again.
They also request "justice to be done" and warn that they will turn to the European Court of Justice "if this situation is not resolved," EFE reports.
Related articles:
- Pescanova minority shareholders call to extend lawsuit against bank
- Pescanova requests creditors’ meeting for five subsidiaries
By Analia Murias
[email protected]
www.seafood.media
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