Early reports show that the Spanish fishing giant Pescanova could avoid liquidation after all, with a new agreement that leaves out reference to investors and Luxempart Damm.

A few hours before the deadline for adhering to fulfill the renewed proposal with creditors Pescanova presented to the judge, Spanish media reported that according to court estimates had achieved more than 60% support from creditors, beating 51% required for validation by the judge.

The arrangement with creditors has changes from previous proposals, since last Monday society Damm and Luxempart and main creditor banks (formed by the Banco de Sabadell, Banco Popular Spanish, SA, CaixaBank, SA, NCG entities

As explained in the communication, Damm and Luxempart also be outside the board of Pescanova;

As is clear from the statement, the financial institutions will inject 125 million euros (173.37 million US dollars) and super-senior credit will "recognize each of the creditors participating in it an additional loan amounting 2.4 euros per compromised euros, constituting the resulting amount (300 million euros) a new tranche of subordinated debt. "

Creditors have until 3 pm, Spanish time, last April 30 to join the agreement. Various media indicated that once the deadline, the scrutiny will open and that this could last until next week.

FUENTE: Seafoodsource.com