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
United Kingdom
Sep 2, 03:50 (GMT + 9):
EU’s largest wild eel fishery to be boosted
Peru
Sep 2, 03:10 (GMT + 9):
Trout production in Puno bordering 30,000 tonnes
Ghana
Sep 2, 02:30 (GMT + 9):
Concerns expressed over tilapia import ban
Spain
Sep 2, 01:50 (GMT + 9):
Pescanova earns EUR 1,790 million in the first half
Iceland
Sep 2, 01:40 (GMT + 9):
IN BRIEF - HB Grandi has signed a contract for the construction of three wetfish trawlers
United States
Sep 2, 01:40 (GMT + 9):
IN BRIEF - Value of World Aquafeed Market Growing at 12.3% CAGR to 2019
India
Sep 2, 01:40 (GMT + 9):
IN BRIEF - Floating sensor buoy saves aqua farmers from ‘drowning’
Republic of Ireland
Sep 2, 01:30 (GMT + 9):
IN BRIEF - Environmental lobby threatens legal action over escaping salmon
Marshall Islands
Sep 2, 01:30 (GMT + 9):
IN BRIEF - Fisheries projects good news for Marshall Islands economy
Canada
Sep 2, 01:20 (GMT + 9):
IN BRIEF - Halibut-tracking test hopes to prove quota increase needed
South Korea
Sep 2, 00:50 (GMT + 9):
SK Telecom validates IoT-based management system at eel farm
Spain
Sep 1, 23:50 (GMT + 9):
Anchovy fishery closure surprises Galician fishermen
European Union
Sep 1, 23:30 (GMT + 9):
Europêche complains about Damanaki's inaction on Russian import ban
Norway
Sep 1, 23:00 (GMT + 9):
Ground-breaking study on pesticide resistance in sea lice
Peru
Sep 1, 22:10 (GMT + 9):
Growing demand for Peruvian scallops in EU



Lenguaje
FEATURED EVENTS
  
TOP STORIES
Govt plans to limit Pacific bluefin tuna catch
Japan The Japanese Government intends to reduce the catch of immature Pacific bluefin tuna and prevent overfishing of the high-priced fish by implementing common regulations internationally, out of criteria currently adopted independently by Japan.
High supply and low prices boost octopus fishing ban
Mauritania For three months octopus will not be allowed to be caught in Mauritanian waters, following the ban enacted by the Government of this country from 21 August.
Galicia reopens some raft polygons and shellfish beds
Spain The presence of the lipophilic toxin in the Galician estuaries is subsiding significantly, which has contributed to the opening of six mussel farming polygons.
Banks to refinance Pescanova’s aquaculture macro-plant in Mira
Portugal The creditor banks of the Portuguese fish farm belonging to Pescanova in Mira finally desisted from recovering EUR 100 million owed by the company through the exercise of their right to sell the assets.
 
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-
Grupo Calvo - Luis Calvo Sanz, S.A. (Group 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
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 - 2014 Fish Info & Services Co.Ltd| All Rights Reserved.   DISCLAIMER