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The subsidiaries of Nueva Pescanova must accept the removal of 100% of of their ownership debt that is affected

Justice authorizes € 650 million refinancing in Nueva Pescanova

Click on the flag for more information about Spain SPAIN
Thursday, August 13, 2020, 18:00 (GMT + 9)

Nueva Pescanova will be able to once again release part of the ballast it accumulated since its bankruptcy process, in which, thanks to the deductions, it went from around three thousand to about one thousand five hundred million euros of debt. It will do so after obtaining a judicial green light to capitalize 650 million euros that will allow the company, controlled 80% by Abanca and where the former Pescanova holds only 1.65% - among whose investors is the former president, Manuel Fernández de Sousa Faro, awaiting the judgment of the National Court for this bankruptcy - which become the best lifeline to guarantee its viability. The weight of these loans constituted a depth charge for the future of the company.
 
That is why yesterday the old Pescanova soared more than nine percent in the Stock Market when it was known that the Mercantile Court number 1 of Pontevedra approved the refinancing agreement approved at the end of last June by Nueva Pescanova, which contemplates the capitalization or removal of debt to allow their survival.
 
 
Judicial sources explained that, according to the court order, "the company will not be able to request another approval of a refinancing agreement until at least one year has elapsed from the date on which the current approval was requested (July 2)."
 
By virtue of that agreement, signed by Nueva Pescanova and creditors such as Abanca, Sodigal or the old Pescanova, among others, the owners of this financial debt will be able to capitalize 100% of the affected debt, in terms of amortized cost calculated as of 30 June 2020. It is also possible to capitalize the debt acquired up to three business days after the communication of the firmness of the homologation order.
 
Ignacio González Hernández has been the CEO of Nueva Pescanova since February 2016 (Photo: courtesy of Expansión)
 
This capitalization implies an increase in share capital, by offsetting credits, through the issuance of new shares, with a nominal unit value of 0.47 euros, with no share premium. This entails an implicit deduction for an amount equal to the difference between the nominal and legally enforceable amount at maturity of the financial liability object of capitalization and its amortized cost on the effective date.
 
Creditors who sign this option will lose their rights against those jointly and severally obligated with Nueva Pescanova, and against their guarantors or guarantors for the amount of capitalized affected debt. On the other hand, if they voluntarily avail themselves of this possibility, they may also choose to have 100% of the debt of their ownership that is affected removed.
 


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