Salmon farm belonging to Acuinova, in Chile. (Photo: Pescanova)

Pescanova could sell assets in Chile to reorganize finances

SPAIN
Friday, March 22, 2013, 01:40 (GMT + 9)

The main creditor banks of the Galician multinational firm Pescanova argue that the only way the firm can reorganize its financial situation is through the total or partial sale of its subsidiary in Chile by means of a Preventive Judicial Agreement.

Banks met on Wednesday in Madrid to take "the first steps" in order to set a common strategy for the Spanish company’s debt renegotiation.

For the creditor banks, Pescanova’s liabilities would be around EUR 2,600 million, compared with EUR 1,522 million reported in September last year. This is the main friction issue between the bank and the company, the newspaper La Voz de Galicia reported.

The banks have granted a 10 day-period to the multinational firm for it to present the detailed financial status and the debt map.

Regarding the judicial agreement, Pescanova could sell PescaChile, parent company of the holding grouping the salmon firm Acuinova Chile, Nova Austral and the recently acquired firm Cultivos Marinos Chiloé, the Chilean newspaper Diario Financiero reported.

While there is no official information, it is estimated that PescaChile’s debt would be about USD 200 million, which is an inferior figure to the cash flow. This company is still profitable and in production terms, it is one of the largest one on the market.

On the other hand, there is a possibility of organising a second special board, after the one developed on 14 March. That day the confrontation between Pescanova chairman, Manuel Fernández de Sousa, with 14.4 per cent and the Damm Group, which is the second largest shareholder of the company, owning 6.1 per cent became known, the agency EFE reported.

"In the last council there were many unanswered questions because no data was provided and no vote was cast," explained representatives of the firm Damm.

Related article:

- Pescanova asks creditors for 10 day-period to inform on debt
- Pescanova’s crossroads: to sell Acuinova or to enter bankruptcy

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

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