Pescanova stopped being listed on stock exchange in March 2013, ordered by CNMV. (Photo: FIS Stock)

Pescanova does not return to Stock Exchange due to 'serious doubts'

SPAIN
Friday, November 28, 2014, 23:40 (GMT + 9)

The board of directors of the Galician multinational firm Pescanova admitted that "there are serious uncertainties that discourage the request to have the suspension of listing on the stock market" lifted, pointed out the counselor Diego Fontan.

To counselors, there may be a "setback" preventing them from meeting the viability plan of the fishing firm.

Fontan recalled that the suspension in the stock exchange was ordered by Comisión Nacional del Mercado de Valores (CNMV) in March 2013 and he said that for Pescanova to leave the creditors’ meeting and for the viability plan to be approved could be invoked to claim the lifting, Europa Press reported.

Anyway, Pescanova has 10 subsidiaries undergoing creditors´meeting, representing 80 per cent of consolidated business and having a debt of more than EUR 800 million to creditors.

"We expect an outcome that does not alter the viability plan schedule but there is no certainty that a setback can arise, blocking the agreement settlement. That would lead us to liquidation," added Fontan in Pescanova’s Shareholders Meeting held on Thursday.

In addition, the counselor admitted that the company expects its subsidiaries’ creditors meetings are resolved "in mid-2015." At that time "the convenience of ordering the stock listing suspension “would be valued.”

Meanwhile, the council has already received information about the viability plan issued by Price Waterhouse Cooper (PWC) and the board approved the appointment of Ernst & Young as the new external auditor of the multinational firm for the financial years 2014, 2015 and 2016.

Related article:

- Pescanova informs shareholders on its accounting mismatch

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

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