Welcome to FIS   Sponsored By
United States
Subscribe to FIS | Register with FIS | Advertise with FIS | Newsletter | About FIS | Contact us
   


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
editorial@fis.com
www.fis.com

 


 Print


Click to know how to advertise in FIS
MORE NEWS
Spain
Mar 27, 03:00 (GMT + 9):
Blue sharks raise growing interest among fishermen in Canary Islands
Viet Nam
Mar 27, 02:40 (GMT + 9):
Pangasius exports expected to benefit from FTAs
Spain
Mar 27, 02:00 (GMT + 9):
Pescanova assesses options to ensure job continuity
United States
Mar 27, 01:30 (GMT + 9):
Ocean fish pathological changes may be caused by human pollution
Chile
Mar 27, 00:40 (GMT + 9):
Pelagic fleet ban ends in Biobio Region
China
Mar 26, 23:50 (GMT + 9):
Pingtan expresses its views on Indonesia's IUU crackdown
United States
Mar 26, 23:40 (GMT + 9):
IN BRIEF - Giant Eagle recalls Japanese breaded cod fillets because of undeclared soy allergen
Indonesia
Mar 26, 23:40 (GMT + 9):
IN BRIEF - Countries to join maritime security exercise in Indonesia
Seychelles
Mar 26, 23:30 (GMT + 9):
IN BRIEF - Seychelles court releases captains of two Indian fishing boats
United States
Mar 26, 23:30 (GMT + 9):
IN BRIEF - Heyano resigns from BBRSDA board
New Zealand
Mar 26, 23:30 (GMT + 9):
IN BRIEF - SeaDragon signs new agreements for shark liver oil
New Zealand
Mar 26, 23:30 (GMT + 9):
IN BRIEF - Trading update: SeaDragon FY 2015 sales to double
Australia
Mar 26, 23:30 (GMT + 9):
IN BRIEF - Great Barrier Reef dredging report sparks fresh calls from Marine Conservation Society for dredge ban
Peru
Mar 26, 23:10 (GMT + 9):
Deadlines to set fishing season start boosted and reduced
Norway
Mar 26, 23:00 (GMT + 9):
IN BRIEF - MHG - Share capital increase registered



Lenguaje
FEATURED EVENTS
  
TOP STORIES
First commercial fish aquaponics farm launched in Berlin
Germany The first commercial aquaponics farm offering fish and vegetables has been opened in Berlin, producing organic products for eco-conscious Berliners.
Pirate fishing vessel caught with illegal fish for USD 5.6 million
Spain The environmental group Sea Shepherd reported that the vessel Kunlun, arrested in Thailand, was transporting fishing resources on board worth approximately USD 5.6 million.
Coral reef fish changes colour to match its preys
Worldwide A team of scientists discovered that a small Australian fish takes on the appearance of other fish so that it can sneak up undetected and eat their young.
Action taken to prevent IUU fishing
Australia By strengthening capacity in inspection capability and information sharing in South East Asia, illegal unregulated and unreported fishing can be combated.
 
Maruha Nichiro Corporation
Nichirei Corporation -Headquarter-
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation -Wartsila Group Headquarter-
ITOCHU Corporation -Headquarter-
BAADER - Nordischer Maschinenbau Rud. Baader GmbH (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Pescanova, S.A. - Group Headquarters
Sea Harvest Corporation (PTY) Ltd.
I&J - Irvin & Johnson Limited
Blue Continent Products (Pty) Ltd - (Oceana Group Limited)
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods Inc. -Headquarter-
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel ehf - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
Food Project (Siam) Co., Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO -Food and Agriculture Organization- Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Group Headquarters
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Omega Protein Corporation -Headquarter-
Marona S.A.
Marine Harvest ASA - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. -Headquarter-
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
Mitsubishi Corporation Marine Products Depts. D.Team
CJ Corporation  -Holding Headquarter-
Greenpeace International - The Netherlands
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
Ocean Trawlers Group - Ocean Trawlers HK Ltd.
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation -Headquarter-
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart / Wal-Mart Stores, Inc. (Supermarket) -Headquarter-
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
INVE Group - Head Office
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
Morpol ASA - Group Headquarters
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2015 Fish Info & Services Co.Ltd| All Rights Reserved.   DISCLAIMER