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Salmon farm belonging to Acuinova. (Photo: Pescanova)
Free way to sell Acuinova and Nova Austral
CHILE
Friday, June 20, 2014, 01:40 (GMT + 9)
The creditors’ meeting of the salmon firm Acuinova authorized the alienation of the assets of the company, among which are all its shares in Nova Austral, another salmon firm belonging to the Spanish multinational firm Pescanova.
"Now I’ll initiate the sales process, which I intend to make as competitive and transparent as possible, to pay back the maximum of the loans that are verified in the bankruptcy," said the trustee Mariclara González, Diario Financiero reported.
The creditors also approved the continuity of Acuinova’s bank orders until 30 September this year, since the idea is to try to sell the companies before that date.
Acuinova liabilities are around USD 180,000 million.
Gonzalez said that so far no direct funding has been requested, and he did not rule out that some of the resources from harvests can be used to purchase essential supplies.
She also ensured that they have made "every effort to try to keep the biomass in the best possible conditions, paying attention to the fact that we are bankrupt."
When being asked about rumours stating that the Norwegian fish feed company Ewos would present an offer amounting to USD 178 million to buy Nova Austral, the trustee said they were "having discussions with stakeholders so they can formalize their offers," which would be for the future creditors’ meetings.
According to Diario Financiero, one of the reasons why the trustee is not convinced to accept Ewos’ offer is that Nova Austral has the potential to produce about 22,000 tonnes of salmon, which would increase its price. The USD 178 million proposed would be in line with this year's anticipated production of 13,000 tonnes.
The Chilean assets stopped computing in the balance of Pescanova in May last year, a month after Pescanova was filed for the creditors’ meeting act. The group’s efforts made in recent months to prevent the Chilean creditors’ meeting administrators from selling their most valuable subsidiary ultimately failed. As a result, the permanent loss of their fishing firm PescaChile and that of the two salmon farming plants connected to it, Acuinova and Nova Austral, could not be avoided.
Last week, PescaChile reached an agreement with Pescanova, by which the Spanish multinational firm gave its consent for the trustee Herman Chadwick to sell the fisheries assets in Chile.
On Monday 23 June there will be a special meeting of Acuinova’s creditors, where it is expected that sales formulas are evaluated.
Related article:
- Ewos interested in acquiring Nova Austral
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