Print This Page

May 5, 2014

 

Spain

Pescanova—No New Funds for Shrimp Farms

 

Grupo Damm’s plan to acquire Pescanova, Spain’s largest seafood company, currently in bankruptcy while owning several shrimp farms in Latin America, has collapsed, so the banks, backed by 63.65% of Pescanova’s creditors, are now in charge of a new restructuring plan.  Spanish media have reported that none of the $208 million that the banks plan to inject into a new Pescanova will go to its aquaculture operations.  Instead, in a clear signal of their priorities, the banks’ plan identifies Pescanova’s fishing and processing operations in Spain as its core business, and as the beneficiaries of the funds.

 

Source: Aquatic Animal Health.  Bank Control of Pescanova Could Mean Sale Back on Shrimp, Salmon Farms.  May 2, 2014.

Print This Page