Acuinova farm. (Photo: Pescanova)
Pesca Chile expecting an urgent huge loan
CHILE
Thursday, June 13, 2013, 23:40 (GMT + 9)
Pesca Chile, the Chilean subsidiary of Pescanova, intends to obtain a loan amounting to a figure between EUR 7.5 million and EUR 15 million to keep its fleet and fish farms active until a buyer interested in its two subsidiaries appear.
Pesca Chile was declared bankrupt on 3 May, and together with it Acuinova and Nova Austral, companies engaged in salmon production, were affected.
According to the information provided by the reorganisation administrator of Pesca Chile, Herman Chadwick Larrain, to the Galician newspaper Faro de Vigo, negotiations with seven financial institutions, which are Pescanova’s creditors, are being performed for them to grant such a huge loan.
Chadwick Larrain confirmed that talks are being held with DNB Bank, Banco BCI, Itau, HSBC, Banco do Brasil, Mitshubishi-Bank of Tokyo and Banco Internacional.
"The horizon is to sell within a year," pointed out the administrator.
While Pesca Chile’s subsidiaries are undergoing the bankruptcy process, they continue operating as usual. However, this does not mean they are free from problems, since they maintain debts with their suppliers and must pay them to keep working, Diario Financiero reported.
The main supplier is the fish feed firm Ewos Chile, owned by the Norwegian company Cermaq.
Ewos expressed its intention to help find a new funding. Even, it emerged that the payment date to the salmon firms could be delayed as long as they get funding for up to USD 20 million, which Chadwick Larrain is negotiating with creditor banks.
Although sources close to the operation highlighted that these would only be countermeasures, the sector considers Ewos’ support to Pescanova group companies as a positive sign.
On the other hand, six of the ten directors that were present at a meeting of the board of directors of the Galician multinational firm Pescanova voted in favour of keeping Manuel Fernández de Sousa as president of the group.
The petition presented by one of the directors of Pescanova’s, the brewer firm Damm, for Fernández de Sousa to resign as chairman was discussed in the meeting, held in Madrid.
Related articles:
- Pescanova chairman receives support and retains his position
- Banks considering providing new loan to Pescanova’s subsidiary
By Analia Murias
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www.seafood.media
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