April 28, 2014 / 8:51 PM / 3 years ago

Spain's Pescanova reaches debt accord with creditors

1 Min Read

MADRID, April 28 (Reuters) - Insolvent Spanish fishing company Pescanova said on Monday it had reached an agreement with its creditors on a restructuring plan that it hopes will help it avoid liquidation.

Pescanova's main shareholders, Barcelona-based brewer Damm and investment firm Luxempart, will cede their control of the company to the banks, which would salvage some 1 billion euros ($1.4 billion) of the company's debt under the plan.

Lenders include top Spanish banks such as Sabadell , Popular, Caixabank and BBVA .

Pescanova, a household name in Spain for its frozen fish products, became one of Spain's biggest bankruptcies last year.

Auditors uncovered more debts at the firm after it filed for insolvency and it owed 3.2 billion euros in total at the end of 2012, according to Deloitte, the company's current administrator.

$1 = 0.7223 Euros Reporting by Paul Day; Editing by Tom Heneghan

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