Nueva Pescanova begins a new future by getting rid of almost all inherited debt
Wednesday, February 24, 2021, 05:30 (GMT + 9)
- The partners approve a debt capitalization of more than 542M euros.
- ABANCA capitalizes all of its bankruptcy debt and makes the Group's sustainability possible as it is its main creditor.
- A period of one month is opened for a capital increase of up to 50M euros by means of a monetary contribution for those partners who want to maintain their percentage in the share capital.
Chapela - The Nueva Pescanova Group, the leading multinational in the fishing and seafood marketing sector, approved this morning, at an Extraordinary General Meeting, a debt capitalization of 542.2 millions of euros.
The Meeting held today is the starting point for overcoming the bad financial situation that Nueva Pescanova SL has had since its establishment in 2015, burdened by a bankruptcy debt inherited from the old Pescanova that, despite having been reduced, still amounted to more than 600 million euros.
Being the main creditor that has resorted to voluntary debt capitalization, ABANCA makes the sustainability of Nueva Pescanova possible in the medium and long term. Its stake in the Group exceeds 97%.
As stated by its president, José María Benavent: “Today the Nueva Pescanova Group is reborn. The company is healthy, with robust equity and the ability to develop its business without the burden of previous debt. Now we can focus on executing the Business Plan until 2024 to create value and growth in a sustainable way ”.
Monetary capital increase
As of today, and as has already been approved at the Extraordinary Meeting, a period of 30 days will be opened for those partners who want to maintain their percentage in the capital stock, through a monetary capital increase of a maximum of 50 millions of euros. The main purpose of this monetary tranche is to avoid the dilution of those partners who have not attended the capitalization of the debt.
After this morning's milestone, the company left behind a difficult six-year stage, since it was re-founded in 2015, after Pescanova S.A. (the old Pescanova) entered into a bankruptcy due to the management of its previous management team.
Nueva Pescanova SL was born then with new owners and a new management and leadership team, which designed an ambitious strategic plan, changed its governance in line with best practices, approved a Code of Ethics and carried out profound transformations with a focus on the consumer and Take advantage of its differential value: the integration of the different phases of the value chain, from the origin to the final consumer.