The CNVM was notified of the voluntary creditors' meeting declaration of Acuinova. (Photo: FIS Stock)

Creditors’ meeting declared for another subsidiary of Pescanova

SPAIN
Thursday, July 04, 2013, 23:50 (GMT + 9)

The Commercial Court No. 1 of Pontevedra declared voluntary creditors’ meeting for the company Acuinova SL, a subsidiary of the Galician multinational firm.

As it was reported by the reorganisation administrator Deloitte to the National Securities Market Commission (CNMV), this judicial court seeks to "properly" protect the right of the shareholders and creditors of the company based in Ayamonte (Huelva), dedicated to farming shrimp.

Acuinova thus becomes the third subsidiary of Pescanova in this situation, after Argenova in Argentina and Pesca Chile in Chile.

The multinational company is undergoing a creditors’ meeting phase, with a bank debt amounting to approximately EUR 3,000 million and EUR 450 million in convertible bonds and more than a hundred creditor banks, mostly foreign ones, EFE agency reports.

Along with this news, it was released that Pescanova chairman, Manuel Fernández de Sousa called a board meeting for 31 July, in which it will be reported how the creditors’ meeting process is being developed.

In addition, the appointment of new positions is expected following the resignation of Antonio Basagoiti and Jesus Garcia, the newspaper Faro de Vigo reported.

At the previous meeting, held on 10 June, Fernández de Sousa was corroborated to continue leading the company, despite the "critical" bloc’s request to make him move away from office.

On that occasion, the executive received the support from the directors, who ratified him as Pescanova’s chairman with six votes in favour and four against, following the resignation request expressed by Damm.

Recently, Deloitte signed a loan agreement for EUR 56 million with creditor banks to meet its immediate liquidity needs.

"This operation is one of the few examples in the Spanish market of the new funding received by a company undergoing creditors’ meeting process," Pescanova highlighted.

Related articles:

- Forensic report involves Pescanova chairman and managers in debt concealment
- Pescanova obtains EUR 56 million loan
- Pesca Chile expecting an urgent huge loan
- Pescanova’s subsidiary declared in creditors’ meeting phase
- Pescanova’s subsidiary requests reorganisation meeting

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

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