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.
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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.
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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.
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