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March 4, 2014

Spain

Pescanova—Bankruptcy—Disposition of Shrimp Farms
in Latin America

 

 

Spain

Pescanova—Bankruptcy—Disposition of Shrimp Farms in Latin America

 

In 2001, Grupo Damm acquired four beer brands, two water brands and a new logistics company, making it one of the largest beverage companies in Spain.  Now, for every five beers sold in Spain, one is from Damm.  Damm is the partner of Anheuser Busch for the marketing and distribution of Budweiser in Spain, and brews Budweiser for Spain, as well as for some other European Countries and the Middle East.

 

On March 3, 2014, Damm executives were in high spirits following the official filing of an agreement crafted with financial holding firm Luxempart to restructure Pescanova, Spain’s largest seafood company, currently in bankruptcy while owning several shrimp farms in Latin America.

 

A Damm spokesperson thinks the “new” Pescanova could start operations in April 2014.  Pescanova recently revealed that it generated $1.6 billion in sales in 2013 and had earnings before interests, taxes, depreciation and amortization (ebitda) of $83 million.

 

Damm said its rescue program did not include Nova Guatemala, Pescanova’s shrimp farm in Guatemala, which is immersed in a separate legal action.

 

Shrimp News: Because of high shrimp prices and the low incidence of disease in Central and South America, Pescanova’s shrimp farms in Latin America should be in good financial shape.

 

Sources: 1. Seafood.com (an online, subscription-based, fisheries news service).  Editor and Publisher, John Sackton (phone 1-781-861-1441, email jsackton@seafood.com).  Damm Bid Will Save Pescanova, but Subsidiaries Will Likely Go Bankrupt.   March 3, 2014.  2. The Webpage of The Kirkwood Group.  The Kirkwood Group Has Shopped the World to Find Dynamic International Brands–Brands That We Believe Will Achieve Success in the Canadian Market.  Webpage Visit on March 3, 2014.  3. Bob Rosenberry, Shrimp News International.  March 4, 2013.

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