Banco Sabadell is one of the main Pescanova's creditor banks. (Photo: Lofor CC BY-SA 2.5/FIS)

Good prospects noted for the future of Pescanova’s subsidiaries

SPAIN
Tuesday, May 19, 2015, 23:10 (GMT + 9)

A feeling of optimism surrounds the future of the 10 subsidiaries of the Galician multinational firm Pescanova because a preliminary survey indicates that it is likely that its creditors vote in favour of saving them between Thursday and Friday this week.

The firms Bajamar, Pescanova Alimentacion, Frigodis, Frivipesca Chapela, Fricatamar, Pescafresca, Pescafina Bacalao, Insuiña, Frinova and Novapesca Trading depend on Pescanova and are undergoing creditors’ meeting.

It is expected that the banks’ agreement -- including Sabadell, Popular, Bankia, Abanca, Caixabank, BBVA and UBI Banca -- imposes on that from the board of directors of the multinational firm, at least in eight subsidiaries in which it is the majority creditor.

Gone was the attempt to agree on a single payment plan to save the 10 firms undergoing creditors’ meeting, totalling EUR 800 million of the debt and employing 1,300 workers, the newspaper La Voz de Galicia reported.

In addition, creditor vote polls carried out before performing the meetings reveal the two companies under threat of a possible liquidation – Bajamar Septima and Frinova – are saved.

Bajamar, located in Arteixo, specializes in processing shrimp and creditor banks have 33 per cent of its debt.

Frinova, based in O Porrino, is dedicated to processing frozen fish, and it has 34 per cent of the loans held in the creditor banks’ hands.

Voting sections are to be held on Thursday, 21 May (for five branches) and on Friday 22 (for the remaining five companies), and its results are expected to lead to salving the whole business group.

In addition, on 29 May shareholders meeting of Pescanova will be held and during it the authorization to the board for it to self-purchase shares in the subsidiaries that have to be absorbed is expected in order to "facilitate the merger complex process before refunding the company," indicated several sources of Pescanova.

Related article:

- Pescanova’s shareholder meeting to be held in late May

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

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