Insuiña SL facilities. (Photo: Pescanova)
SPAIN
Wednesday, September 03, 2014, 02:00 (GMT + 9)
The multinational Galician firm Pescanova requested voluntary creditors’ meeting for five of its subsidiaries, all of which were declared as insolvent.
These subsidiaries are: Fricatamar, Frinova, Insuiña, Pescafresca and Pescafina Bacalao, as it was reported by the fishing firm to the National Securities Market Commission (CNMV).
Thus, Pescanova continues its restructuring process after last July when Mercantile court number 1 of Pontevedra declared other four subsidiaries (Bajamar Séptima, Pescanova Alimentación, Frigodis and Frivipesca Chapela) are undergoing voluntary creditors’ meeting.
"These are particularly important operations to Pescanova, since they are under the creditors agreement, approved the sentence on 23 May, 2014, and, therefore, are necessary for the proper development," pointed out Pescanova.
The creditors’ agreement approved in Pescafina and Pescanova made it possible to obtain a consolidated profit of EUR 1,790 million in the first half of 2014.
Given the semester financial statements filed with the CNMV, the forgiveness of the huge insolvency debt the company has meant the entry of EUR 2,300 million, which accounts as income.
The document specifies that Pescanova’s sales totalled EUR 434 million between January and June 2014, and its operating income before depreciation and amortization (EBITDA) was EUR 27 million.
Related article:
- Pescanova earns EUR 1,790 million in the first half