One of the fishing vessels belonging to Argenova. (Photo: Argenova)
Argenova undergoing payment suspension phase
(ARGENTINA, 5/6/2013)
The tension in the Galician multinational firm Pescanova moved to Argentina, where its subsidiary Argenova has already closed one of its three plants and requested the opening of a reorganization proceeding, according to newspaper La Nación.
Argenova, which is the largest subsidiary of the Spanish group abroad, has 17 vessels -- 12 beam trawlers (shrimp vessels), 3 jiggers and 2 longliners –and industrial plants in Puerto Deseado (Santa Cruz), and in Comodoro Rivadavia (Chubut).
Furthermore, it was said that the Central Bank of Argentina would be investigating Argenova for not bringing into the country about USD 13 million that had exported in late 2012 to "four doubtful companies" related to the firm, according to the journal Mar y Pesca.
The report by the newspaper Faro de Vigo informs that the value of investment in Argenova contained in the books of the Galician multinational firm amounts to EUR 27 million. The investments in the other subsidiaries established in Latin American countries have totalled: in Chile, EUR 23.1 million in Pesca Chile and EUR 13.4 million in Nova Austral; in Uruguay, EUR 7.1 million in Belnova; and in Nicaragua, EUR 3 million in Camanica.
Pescanova executives recently requested the representatives of the creditor banks to make a deal so as to prevent a creditors’ meeting against its foreign subsidiaries.
According to financial sources, Pescanova demanded the creation of a stand still at the financial institutions to ensure the access to a financing process of its businesses abroad and to prevent a creditor from urging a reorganisation proceeding.
During the meeting, the entrepreneurs admitted the existence of "current working capital tension at several subsidiaries, especially in Chile and Argentina."
Last week, the multinational Galician firm filed a motion for the reconsideration at the Court of Pontevedra No. 1 against the order by which the management board of the firm was separated.
"The resolution does not adequately assess the dire consequences that will result from the drastic decision to suspend the powers of administration and disposition of the current administrators" [of the company], Pescanova pointed out in a statement.
The company believes that the reasons for the order "do not justify the replacement of the normal regime on a voluntary reorganisation proceeding."
Meanwhile, the consulting firm Deloitte, which the National Securities Market Commission (CNMV) appointed as reorganisation administrator of Pescanova, began its administrative functions on Friday.
Related articles:
- Pescanova appeals its administration council dismissal
- Argenova admits 'some issues' due to Pescanova’s lack of liquidity
By Analia Murias
editorial@seafood.media
www.seafood.media
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