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Pesca Chile is considered a strategic asset of Pescanova's group. (Photo: Pescanova)

Pescanova intensifies efforts to stop Pesca Chile liquidation

CHILE
Friday, December 13, 2013, 23:40 (GMT + 9)

The Galician multinational firm Pescanova requested Pesca Chile’s reorganisation administrator, Herman Chadwick, to suspend the sale process of the subsidiaries in Chile and start negotiating on Monday.

According to industry sources, the offer of the new managers of Pescanova will be "attractive and will satisfy the creditors," Diario Financiero reported.

Chadwick stated that a company "has an advantage" to be able to own Pesca Chile’s salmon subsidiaries: Acuinova and Nova Austral.

Besides, he said that today they will begin to have talks with that firm. If negotiations are not successful, there is a second party that is interested in taking over Pescanova’s Chilean subsidiaries.

Pesca Chile represents about 30 per cent of Pescanova group’s EBITDA and is considered a strategic asset so efforts are being intensified to stop its liquidation.

At this time, those interested are the Norwegian salmon firm Marine Harverst, the Canadian firm Cooke Aquaculture, Econsult representing Fidelity Worldwide Investments -- the multinational firm’s shareholder fund -- and some Chinese investors, the newspaper Faro de Vigo reported.

It is estimated that the sale of these Chilean companies would be around USD 500 million.

Marine Harvest is in full restructuring process of its operations in Chile. Although production fell almost 50 per cent in the last quarter, the company continues to seek greater efficiency in its processes.

Meanwhile, executives at Cooke advance with their strategy to increase their presence in the South American country.

In 2012, Nova Austral recorded sales of USD 90.6 million and expects that in 2014 there will be a production of 20,200 tonnes of Atlantic salmon.

Meanwhile, Acuinova operates 11 farms and has 38 salmon concessions in eight districts in southern Aysen. In 2012 it achieved sales for USD 104.1 million and plans to produce about 45,300 tonnes in 2014.

Pesca Chile has a fleet of nine vessels for fishing small pelagic specimens and last year reported sales for USD 74.1 million.

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

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