The plant belonging to the subsidiary of the multinational firm in Argentina will remain open. (Photo: Pescanova)
Pescanova’s subsidiary requests reorganisation meeting
BRAZIL
Tuesday, June 04, 2013, 01:40 (GMT + 9)
The National Securities of Market Commission (CNMV) in Spain was notified that Pescanova’s subsidiary in Brazil requested the start of a creditors’ meeting at the court premises.
Pescanova Brazil has facilities in Rio de Janeiro and in Pernambuco. The company trades the Galician multinational firm’s products and specializes in tilapia farming, processing and marketing.
This procedure is performed in order to secure the company assets, as creditors could order filed liens on property presented as security for payment.
These days, Pescanova will receive a EUR 55 million loan after Deloitte, the reorganisation administrator, analyzes the loan terms and the judge gives the nod to the operation.
The Spanish banks Bankia, Sabadell, Popular, NCG Banco and CaixaBank support the delivery of this loan, and it is expected entities such as Santander, BBVA and Bankinter, as well as Deutsche Bank will join the initiative.
Pescanova has already confirmed that the Chilean subsidiary -- Pesca Chile SA -- was declared as bankrupt on 2 May by a local court.
Meanwhile, Argenova, a subsidiary of the multinational firm in Argentina, requested the creditors’ meeting at a Local Court. However, the national government and Pescanova resolved that the plant will remain open and will keep its 44 employees.
Meanwhile, Deloitte prepares more creditors’ meetings in Pescanova’s subsidiaries and intends to safeguard itself from the creditor banks in order to prevent the insolvencies from being resolved with standards from other countries, the newspaper La Opinion reported.
Banking sources stated that "what they are preparing are volunteer creditors’ meetings for the payment cancellations not to occur at the request of creditors from foreign countries."
For its part, the Galician Government announced it will grant the Galician multinational firm EUR 4 million in order to help it overcome the serious financial situation it is undergoing.
Related article:
- Pescanova to be granted EUR 4 million by Galician Government
By Analia Murias
[email protected]
www.seafood.media
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