May 2, 2014 / 2:21 PM / in 4 years

Pescanova's creditors back debt restructuring plan

MADRID, May 2 (Reuters) - Insolvent Spanish fishing firm Pescanova has won backing for a debt restructuring plan from a majority of creditors, saving the company from liquidation, auditor Deloitte said on Friday.

Creditors of Pescanova, a frozen fish company which last year filed for one of Spain’s biggest bankruptcies, had previously balked at the restructuring plan put forward by shareholders, brewer Damm and investment company Luxempart.

Under a final proposal led by the banks, who will now become the company’s main shareholders, creditors will retain 1 billion euros ($1.4 billion) of debt and will inject 125 million euros of capital to finance operations at the company.

“This is a historic moment that marks the beginning of a new chapter for the group,” Deloitte said in a regulatory filing.

It said 63 percent of creditors, who include Sabadell , Popular, Caixabank, BBVA , NCG Banco and Bankia, voted in favour of the plan. ($1 = 0.7212 Euros) (Reporting by Carlos Ruano; Writing by Tracy Rucinski; Editing by David Holmes)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below