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Pescanova products. (Photo: Pescanova/Bajamar)
Pescanova begins negotiations with creditors of its subsidiaries
SPAIN
Monday, March 09, 2015, 23:40 (GMT + 9)
The Commercial Court Number One of Pontevedra has decided to open the covenant phase to begin negotiations aimed at reaching agreements with creditors of the subsidiaries of the Galician multinational firm Pescanova.
As it was announced by the company to the National Comittee of Value Market (CNMV), the subsidiaries involved are Fricatamar, Frivipesca Chapela, Frigodís, Pescanova Alimentación, Bajamar, Novapesca Trading, Frinova, Pescafina Bacalao, Pescafresca and Insuíña.
For these companies the court set the dates for creditors' meetings (21 and 22 May) and the deadlines (23 and 24 March) for them to submit their proposals, the agency Europa Press reported.
On 27 November, Pescanova’s administration board stated it would wait "for uncertainties about the subsidiaries undergoing the creditors’ meeting phase to be cleared" before asking for the trading in the stock market of their shares to be lifted.
Some financial sources pointed out that the new creditors' agreement phase "does not change anything about the pricing; the uncertainty will be cleared when the whole creditors’ meeting process finishes".
If an agreement with creditors of the subsidiaries is not reached, their liquidation will be filed, they added.
The debt of Pescanova’s subsidiaries amounts to about EUR 800 million, EFE agency reported.
The multinational firm managed to achieve a net profit of EUR 1,654 million between January and November last year while in 2013 it had recorded some figures in the red that amounted to EUR 715 million.
While the future of the subsidiaries is directly related to the evolution of the whole group – they supply 80 per cent of the turnover to the multinational firm, each creditors’ meeting must be negotiated separately.
This implies that Pescanova’s trustee –- Deloitte -- must make a separate agreement proposal for each company, with a reduction and a payment plan tailored to the circumstances affecting each of them.
Related article:
- Pescanova requests creditors’ meeting for five subsidiaries
By Analia Murias
[email protected]
www.seafood.media
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