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Spanish court approves banks' takeover of Pescanova
May 23, 2014 / 4:25 PM / 4 years ago

Spanish court approves banks' takeover of Pescanova

MADRID, May 23 (Reuters) - Spanish fishing company Pescanova came out of administration on Friday after a court approved a deal with creditors that leaves the company in the hands of its banks.

Pescanova - which filed for bankruptcy last year - will be controlled by creditors including Spanish banks Sabadell, Popular, Caixabank, BBVA, NCG Banco and Bankia.

Under the deal proposed by the banks, and accepted by the court, creditors will retain 1 billion euros ($1.36 billion) of debt and will inject 125 million euros of capital into the company, the frozen fish products of which are among Spain’s best-known brands. ($1 = 0.7336 Euros) (Reporting by Emma Pinedo; Editing by Fiona Ortiz and David Goodman)

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