Pescanova's chairperson Juan Manuel Urgoiti. (Photo: Stock File)
Pescanova’s counselors propose marginalize Damm
SPAIN
Wednesday, April 23, 2014, 23:30 (GMT + 9)
Several independent directors of the Galician multinational firm Pescanova have proposed to encourage an agreement with creditor banks that would leave out the consortium composed by Damm brewery and Luxempart investment fund.
The idea of the group -- in which the president, Juan Manuel Urgoiti is not involved – is to separate them as industrial partners in the proposal put to the vote, when in less than a week the extension granted by the judge in charge of the insolvency status, Roberto de la Cruz, comes to an end.
During these days, the financial institutions, consultants from KPMG and the trustee Deloitte are to evaluate this option in order to secure the future of the multinational fishing firm, reported La Opinión.
Due to the short time remaining and the procedures involved, the agreement is considered to be "technically very complex."
On the one hand, creditor banks "in general" consider the proposal as favorable, despite the fact that the changes in the terms of the agreement for the recovery of their debt would be "residual."
According to the sources consulted by the newspaper, the financial entities -- Sabadell, Popular, CaixaBank, BBVA, NCG and Ubi Banca – and Pescanova’s independent board members are seeking to "avoid the noise."
If the continuity is managed by way of agreement "for all practical purposes, there would be many advantages," they added.
"It's a question of responsibility, the directors that have taken the initiative do not want to be involved in this one-way street that has been generated by Damm. They are not comfortable at the board, with those who have caused this situation," explained sources of the negotiating team to the newspaper La Voz de Galicia.
Related article:
- Pescanova faces decisive hours
By Analia Murias
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