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Pescanova president, Juan Manuel Urgoiti. (Photo: Stock File)

The situation of Pescanova is 'critical', its president warns

Click on the flag for more information about Spain SPAIN
Tuesday, February 11, 2014, 01:50 (GMT + 9)

The president of Galician company Pescanova, Juan Manuel Urgoiti says that the situation of the firm remains "very complicated and critical."

He warns that the absence of an agreement within the non-extendible period determined by the judicial authority -- 28 February -- will put the company into liquidation, the "worse and less desirable" hypothesis among all the expected ones.

"It is visible that the situation continues to be difficult and critical because, although important advances have been produced and the business activity continues at full pace, the deadline for the submission of an agreement proposal is due to expire soon," the executive explained.

In this regard, he stressed, "An agreement between the parties involved has not been reached yet," Europa Press agency reported.

In order to prevent the liquidation of the Galician multinational Urgoiti said the board encourages all parties involved to save the company and exhaust "best efforts" to reach an agreement with creditors.

This agreement may occur with the intervention of the selected consortium or any alternative solution with ensured viability.

"If Pescanova has been able to survive 2013 financial year, having faced the confluence of every conceivable adverse elements, and yet it still generates a general consensus that it remains viable, no doubt that it is worth fighting for its rescue and its jobs," Urgoiti added.

Meanwhile, legal sources expert on bankruptcy matters clarified that "to push through an agreement it needs to have been settled by a critical mass of creditors to be sure that it will succeed," newspaper Faro de Vigo informed.

The banks aims to recapitalize the firm in order to stabilize it. Thus, the company would again be at the mercy of a prospective investor or investors, as it could be sold in whole or in part, explained Urgoiti to the Galician newspaper.

Banks also insist that their intention is not to keep the multinational for them, but to reach an agreement with an investor.

On the one hand, the Damm Group offers an "industrial project", preserving the group.

Centerbridge and BlueCrest also want Pescanova and have the support of major bondholders.

Related article:

- A group of banks is preparing its own proposal to control Pescanova

By Analia Murias



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