Spanish fish and seafood manufacturer Pescanova has filed for voluntary insolvency having failed to reach an agreement with creditors on the renegotiation of its debts.

Pescanova had taken a preliminary step in insolvency proceedings at the beginning of March, prompted by an unsuccessful bid to find a buyer for its Chilean salmon business.

This triggered negotiations with creditors to try to find a solution for Pescanova’s debts, which are estimated at EUR1.5bn (US$1.9m) and EUR2.8bn.

Trading in Pescanova’s shares were suspended on 12 March.

Yesterday, Pescanova convened an emergency meeting of its board in a last-ditch attempt to reach an agreement with its creditors. However, 13 hours of negotiations proved fruitless.

Pescanova said it had decided to seek creditor protection given it had not been possible in the short term to reach an agreement with its lenders. There was, it said, a risk of its financial position worsening.