Acuinova farming centre. (Photo: Acuinova)

Pescanova’s crossroads: to sell Acuinova or to enter bankruptcy

CHILE
Thursday, March 07, 2013, 02:30 (GMT + 9)

The Spanish food company Pescanova is experiencing a serious financial situation and must choose between two options: either it gets rid of its subsidiary in Chile, Acuinova or it enters bankruptcy.

This was warned by Sabadell Bank in an assessing report acceded by Americaeconomica.com while the multinational firm officially requested a creditors’ meeting, given the danger of falling into bankruptcy.

In the note sent to customers, the bank warns that selling Acuinova could be "the only solution" possible, which would involve "reaching an agreement with the banks and thus, saving the financial impact in the short run."

Meanwhile, Acuinova has several Chilean business groups interested in buying it: Marine Harvest, Cupquelan and Granja Marina Tornagaleones.

And the firms AquaChile and Multiexport may also be interested, the newspaper Estrategy reported.

Pescanova announced that it will not formulate its annual accounts for 2012 provided that it is certain it will be possible to sell certain assets of the salmon farming activity or to renegotiate the debt through a creditors’ meeting.

From Spain, the newspaper Faro de Vigo reported that Acuinova intends to go public to achieve EUR 46 million for investments and reduce liability charges.

"The price is the problem, but there are potential buyers, and there are a lot," agreed on clarifying several sources that had been consulted.

Moreover, the company Invertec Pesquera Mar de Chiloé (Invermar) is negotiating to merge with a local company, having failed in its contacts to Cupquelan due to the final price to pay.

In 2012, Invermar and Pesquera Yadrán got rid of 100 per cent of Salmofood, which was left to Alicorp.

Related articles:

- Pescanova considers selling its assets in Chile
- Invermar performs Salmofood sale

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

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