MADRID Dec 13 Ailing Spanish fishing firm
Pescanova is considering a non-binding takeover offer
from a consortium which includes U.S. private equity firm KKR
and shareholder Damm, a domestic brewer.
Pescanova filed for insolvency earlier this year after its
auditors said managers had attempted to hide debt. The drawn-out
insolvency process could end in a liquidation or a plan to
re-float the company.
Pescanova said in a statement on Friday it had received five
offers, but did not put a value on these, or on the one
presented by the consortium, which also includes shareholder
Luxempart and investment group Ergon Capital Partners.
Trading in Pescanova shares have been suspended since March.
The bids all required Pescanova's lenders to take varying
degrees of losses as part of any takeover deal, Spanish media
reported on Friday.
The consortium formed by KKR, Damm, Luxempart and Ergon
would want banks to write off 80 percent of the debt, while
other offers asked for even steeper losses, Cinco Dias reported
without citing sources.
Pescanova declined to comment on the details of the takeover
Bankruptcy administrator Deloitte said this week that
Pescanova had 3.2 billion euros of debt at the end of 2012,
making it one of Spain's biggest bankruptcies.
Creditors include Sabadell, Popular,
Caixabank and nationalised lender NCG Banco, though it
is not known how much debt is held just by banks.
Pescanova said it would immediately start talks with its
biggest creditors on the takeover offer, to ensure the company's
Damm owns 6.2 percent of Pescanova, according to Thomson
Reuters data, while Luxempart has 5.8 percent.