Pescanova owns 95% of Pescafina shares. (Photo: Pescafina)

Pescafina requests creditors’ meeting

Pescafina, a company in which Pescanova owns 95 per cent of the shares, is the first subsidiary of this multinational firm requesting a creditors’ meeting, in an attempt to ensure business continuity until its financial situation is clarified.

Meanwhile, the activity in Pescafina continues being developed as usual.

The company presented the request of a creditors’ meeting on the same day when Pescanova announced the voluntary creditors’ meeting. It is estimated that Pescanova Group is facing a debt of about EUR 2,700 million, that is to say, more than EUR 1,200 million above what can be seen in the audited liabilities (EUR 1,522 million at the end of the third quarter of 2012), the agency Europa Press reported.

Pescafina began operations in 1976 and has a social capital of EUR 19,03 million.

Since 1993, the company has launched a new marketing strategy, through partnerships with the major ship owners and producers’ groups around the world to ensure the supply of raw materials and of finished products.

With 95 per cent controlled by Pescanova since February 2002, Pescafina is now present in all the continents, both buying and selling fish products including cephalopods species, shellfish, fish and precooked products.

According to the data provided by the company on its website, in 2009 a total of EUR 458.27 million was invoiced for 61,211 tonnes of frozen products.

Meanwhile, the National Securities Market Commission (CNMV) continues waiting for the Galician multinational firm to complete this week the financial information for the second half of last year.

The authority considers that the information submitted by the group so far is "incomplete and inadequate."

The CNMV sent Pescanova a second request "with the warning of the penalty system" that includes a period of five working days to reply, that is to say, on Thursday.

Moreover, the company hired the law firm Albiñana Suárez de Lezo for it to offer advice during the creditors’ meeting process for the lawsuit filed against the BDO audit and how to file the accounts required by the CNMV, the agency EFE reported.

BDO sources ratified "the work performed" and ensured that they are studying "the different measures to be taken," administrative and legal ones.

Related articles:

- Pescanova requests voluntary creditors' meeting
- Galician banks issue EUR 357 mln to Pescanova

By Analia Murias
[email protected]
www.seafood.media
 

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