Pesca Chile’s fishing boat. (Photo: PescaChile)
CHILE
Monday, January 13, 2014, 00:20 (GMT + 9)
The process of selling Pesca Chile continues, despite Pescanova's attempts to slow down the liquidation of the company and its Chilean subsidiaries until the situation of the Galician multinational in Spain is resolved.
Pesca Chile’s bankruptcy trustee, Herman Chadwick, confirmed that negotiations are in progress with Cooke Aquaculture of Canada, and with Econsult.
This decision came after Pesca Chile’s meeting of creditors announced that Pescanova Chile intended that the Chilean asset sale process were not closed until May or June this year.
According to reports, the Spanish company had asked to extend the process deadline in Chile to keep the pace with the new owners’ takeover in Spain, and thus meet their interests, Diario Financiero reported.
Canadian company executives are awaited on Monday to sharpen various details with the Chilean trustee.
Econsult representatives also plan to attend meetings in the coming days.
In parallel, Chadwick and the creditors expressed their willingness to listen to new proposals from Pescanova, despite having rejected the request to extend the process until mid-year, and receive an upfront payment of USD 40 million.
The president of the multinational, Juan Manuel Urgoiti, has already returned to Spain after his trip to Chile aimed at halting Pesca Chile liquidation. The Spanish manager participated in meetings with representatives of financial institutions in Chile, with Pescanova’s major creditors, and with the bankruptcy trustee, together with bankruptcy receiver Senen Touza, and Damm group general manager, Jorge Villavecchia, newspaper Faro de Vigo informed.