Ailing Spanish fish firm Pescanova has reportedly received a rescue bid that could prevent the firm being forced to liquidate.

According to local reports citing sources close to the situation, a joint bid from brewer Grupo Damm and private equity funds Luxempart, KKR and Ergon Capital Partners has been submitted to the Pescanova board.

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A spokesperson for Pescanova declined to comment on whether the firm has received a takeover approach, but confirmed that administrators Deloitte are looking for a solution that would avoid the firm’s liquidation.

According to reports, Deloitte estimated the total liabilities of Pescanova at EUR4.22bn (US$5.81bn) at end-2013 and the group’s net loss totalled EUR791.4m in 2012.

Damm and Luxempart are existing shareholders in Pescanova and collectively hold a stake of around 11%. Damm declined to comment. The private equity companies and Deloitte were unavailable at time of press.

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