New Pescanova is waiting for creditors and court’s 'green light'
Tuesday, March 11, 2014, 00:10 (GMT + 9)
After the suggestion made by the current board of directors of the Galician multinational firm Pescanova to re-found and rebuild a New Pescanova, the approval of the Commercial Court number 1 of Pontevedra -- carrying out the creditors’ meeting -- and of creditor banks is expected.
According to the available data, Pescanova has a debt amounting to about EUR 4,200 million.
If the business plan is accepted, in 2015 it would lose EUR 13 million; in 2016, the loss would be EUR 1 million; and in 2017 the financial recovery would start.
For this year, it is estimated that the benefits would amount to EUR 7 million; and in 2020 to EUR 53 million net, reported El Mundo.
The viability plan data are included with the proposed creditors’ agreement filed in the Court and the National Securities Market Commission (CNMV) by the consortium made up of Damm and Luxempart in... FULL STORY