Pescanova's board informed CNMV that its subsidiary Novapesca is undergoing creditors meeting. (Photo: CNMV)
Novapesca becomes another Pescanova’s subsidiary undergoing creditors meeting
SPAIN
Friday, November 07, 2014, 23:50 (GMT + 9)
Novapesca Trading, the financial support holding of Pescanova’s subsidiaries has entered payment suspension phase and is facing a creditor debt that would exceed EUR 500 million.
The board of the Galician multinational firm announced the decision to request creditor’s meeting for Novapesca to the Comisión Nacional del Mercado de Valores (CNMV).
Thus, Novapesca joins nine other firms of the group experiencing the same situation.
The company explained that "this is an operation for restructuring Pescanova Group, with special relevance, since it has been set in Pescanova SA’s Creditor Convention approved by Decision on 23 May, 2014, and it is firm," and that these operations "are necessary for the proper conduct of the convention."
While last May Pescanova overcome the creditors meeting, its restructuring forces it to smooth issues in all its branches, the newspaper La Voz de Galicia reported.
Four of the nine subsidiaries undergoing payment suspension -- Bajamar Séptima, Pescanova Alimentación, Frivipesca and Frigodís -- declared a creditor debt of over EUR 1,500 million at Court.
Last September the declaration of creditors meeting for five subsidiaries of the Galician multinational firm -- Fricatamar, Frinova, Insuiña, Pescafina Bacalao and Pescafresca – was performed.
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By Analia Murias
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www.seafood.media
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