PescaChile facilities. (Photo: Pescanova)

September set as deadline to sell PescaChile’s assets

CHILE
Tuesday, June 24, 2014, 22:00 (GMT + 9)

Those responsible for the sale of PescaChile’s assets, which include Acuinova and Nova Austral, have set 30 September this year as the deadline for the transfer of the title of the company.

Anyway, it is known that the legal limit to sell these subsidiaries belonging to Pescanova is May 2015, the newspaper Estrategia informed.

According to sources of the seafood industry, by July it will be decided whether the sale of PescaChile is carried out directly or through a request of bids, and if at the same time it will be the full package or in parts.

Meanwhile, creditors expect to recover much of what is owed through the sale of the salmon and fishing subsidiaries of the Galician multinational firm in Chile.

Cupquelan (Canada), Marine Harvest (Norway), Friosur (Chile) and at least five additional firms would be interested in acquiring PescaChile.

Until recently, from the seafood business sector it was ensured that the companies having the advantage of acquiring PescaChile were Cupquelan and Marine Harvest.

The sale process is being led by bankruptcy trustee Herman Chadwick and financial advisors LarrainVial and Landmark Capital.

Meanwhile, Pescanova has already expressed that its Chilean operations are dispensable in the framework of its financial crisis and that of the creditors.

With respect to the disposition of the assets belonging to Acuinova, trustee Mariclara Gonzalez referring to the start of the sales process, said she will seek "whatever is as competitive and transparent as possible so as to pay the maximum loans that have been verified in the bankruptcy process," Diario Financiero reported.

Acuinova’s liabilities are around USD 180,000 million.

Related article:

- Free way to sell Acuinova and Nova Austral

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

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