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Manuel Fernández de Sousa, Pescanova's chairman. (Photo: Bolsa de Madrid/StockFile)
Pescanova obtains EUR 56 million loan
SPAIN
Friday, June 28, 2013, 23:50 (GMT + 9)
After two months of intense negotiations, the Galician multinational firm Pescanova managed to settle a EUR 56 million urgent loan with a part of the creditor banks to meet its immediate liquidity needs.
The loan was signed by Banco de Sabadell, Banco Popular, Novagalicia Banco, CaixaBank, Bankia, BBVA, Banco Santander and the Xunta de Galicia, through Xesgalicia/Sodiga.
The operation was notified yesterday afternoon to the National Securities Market Commission (CNMV).
On behalf of Pescanova, the loan negotiation, which expires in 10 months, was conducted by the reorganisation administrator Deloitte.
"This operation is one of the few examples in the Spanish market of new funding received by a company undergoing a creditors’ meeting phase," stressed Pescanova.
Foreign banks Deutsche Bank and Commerzbank declined to join the operation, as well as Royal Bank of Scotland (RBS), the agency Europa Press reported.
The granting of the loan is subject to several conditions: Pescanova brand and Chapela headquarters are set as endorsements to run the operation and the liquidity will be destined to funding working capital and will be considered a privileged debt with an Euribor interest rate plus 4 per cent one year later.
Spanish banking concentrates most of the debt, with the banks Sabadell (EUR 222 million), Popular (EUR 165.5 million), Novagalicia Banco (EUR 161.58 million), CaixaBank (EUR 157.44 million) and Bankia (EUR 126 million).
With regards to the situation of the multinational firm, a judge of the High Court decided to postpone hearing the statements expressed by its chairman, Manuel Fernández de Sousa, and by other shareholders until it is decided if the new complaints filed are admitted to the proceedings and if the requested reports, including those asked from the Unit for Economic and Financial Crime are received.
Sources close to the company told the agency EFE that the creditors’ meeting made it possible to discover that there are about 20 companies and at least three boats that were not included in the official accounts belonging to Pescanova.
Related article:
- Judge postpones statement from Pescanova’s chairman
By Analia Murias
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