Pescanova granted two more weeks to get creditors to sign on to debt restructuring plan
SEAFOOD.COM NEWS April 14, 2014
Insolvent Spanish fishing company Pescanova, which is racing to avoid liquidation, said on Monday it had been granted an extra two weeks by a court to win the support of creditors for its debt restructuring plan.
Lenders have balked at the extent of losses the company, now being managed by the administrator Deloitte, wants them to take.
Pescanova, a household name in Spain for its fish fingers, became one of Spain's biggest bankruptcies last year. Auditors uncovered more debts at the firm after it filed for insolvency, and it owed 3.2 billion euros ($4.44 billion) in total at the end of 2012, according to Deloitte.
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