Pesca Chile fishing vessel. (Photo: PescaChile)

Banks may renew credit line to Pesca Chile

CHILE
Thursday, January 30, 2014, 23:20 (GMT + 9)

Local banks would accept granting Pesca Chile a line of credit for USD 15 million, for the company to maintain its activities, as well as its subsidiaries Acuinova and Nova Austral.

This happens while the biological resources of the Chilean subsidiaries of Galician multinational Pescanova would be devaluing very fast - about 40 per cent - due to poor nutrition or even getting no food at all repeatedly.

This critical situation occurs while Nova Austral and Acuinova are immersed in a sales process as a result of the bankruptcy of Pescanova’s Chilean matrix.

According to reports by Spanish newspaper Faro de Vigo, the renewal of the credit line would allow the fish to receive food, preventing them from losing their size and value.

However, banking sources consulted by Diario Financiero denied having materialized the credit granting.

Chilean banks led by BCI are evaluating several options, and one of them is to sell Pesca Chile and its subsidiaries.

Banks expect exert pressure on Pescanova and force it to present a concrete global bid to rescue Pesca Chile and its subsidiaries in a fast and unhindered way.

"We are expecting a strong proposal from the new investors of Pescanova Spain (Damm) who have come to Chile," said BCI’s CEO, Lionel Olavarria.

"That has not been materialized, so we are waiting. There have been talks, but at this time they have the floor" he added.

In parallel, Acuinova’s bankruptcy proceedings will be handled by a different insolvency administrator than that of Pesca Chile: Mariclara Gonzalez Lozano was the elected lawyer.

On the other hand, Abraham Abad, president of Acuinova Union 2, clarified that the number of workers permanently detached from the company is very low, since the vast majority continue in their work.

“As it had been reported to the community, this is a bankruptcy proceeding with continued activity, therefore the vast majority of workers continued to work and now comes the process for claiming credits, for all our years of service, and for that there are lawyers ready to get to work," the official added, according to El Divisadero.

Related article:

- Warning on Pesca Chile’s biological asset devaluation

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

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