A vessel of PescaChile fleet. (Photo: Pescachile/FIS)

HSBC Bank requests PescaChile’s bankruptcy

CHILE
Wednesday, April 17, 2013, 23:00 (GMT + 9)

HSBC Bank Chile requested PescaChile’s bankruptcy, a subsidiary of the multinational Galician firm Pescanova and matrix holding company grouping the salmon firms Acuinova Chile, Nova Austral and the recently acquired company Cultivos Marinos Chiloé.

The bank submitted the petition on 11 April on 4th Civil Court of Santiago, after the Spanish company requested the voluntary creditors’ meeting in a Hispanic court.

PescaChile owes some USD 70 million to a group of eight banks: HSBC, BCI, DNB Chile, Itau, Banco Tokyo, Banco do Brasil, Banco Internacional and Penta, and as it was reported by Diario Financiero, Pescanova would have proposed the creditor banks to use its Chilean assets as a guarantee for that debt.

This proposal was reportedly rejected by HSBC Chile’s creditos on the grounds that it reduces the chances of recovering the borrowed capital by PescaChile: a long-term loan of USD 1.7 million and a credit line for another USD 7 million.

If PescaChile‘s bankruptcy is declared, the designed trustee would be appointed to be in charge of the sale of the company and of all its assets.

It is speculated that the transaction proceeds would help pay to the creditor banks, which can be incorporated into the lawsuit brought by HSBC "verifying" their claims.

This possibility further complicates the serious situation experienced by the Spanish multinational firm, which expected to sell its assets in Chile as soon as possible.

Pescanova expected to obtain around USD 250 million from this sale.

Meanwhile, on Monday the Galician company filed an application for voluntary creditors’ meeting in a court in Spain for debts that would reach EUR 2,700 million.

Pescanova has explained that it has "the willingness to submit a proposed agreement to its creditors throughout the proceedings."

This agreement will make it possible "to maintain the activity and hence, the employment and value creation," the company added in a press release.

Furthermore, Pescanova announced that the company chairman, Manuel Fernández de Sousa, sold 1.98 million shares, lowering his stake to 7.45 per cent of the property, during December 2012 and January and February.

Besides, Fernández de Sousa, "who is concerned about the cash position of the group and the difficulties that Pescanova had in order to finance itself, decided to offer his assets to the company to resolve urgent problems of liquidity."

"And, therefore, he instructed the administrators of his partnerships so that the net cash proceeds from the sale (of the shares) is used in this way," explained the multinational company in a press release.

Related articles:

- Pescanova chairperson justifies unreported share sale
- Pescanova could sell assets in Chile to reorganize finances  

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

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