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Nueva Pescanova
Nueva Pescanova (previously Pescanova, S.A.) is a Spanish seafood company based in Redondela, Galicia. The group operates in 17 countries with approximately 12,400 employees.
Nueva Pescanova in headquartered in Pontevedra, Redondela, Spain. It operates in 17 countries, has more than 60 fishing vessels, and runs fish farming in Spain, Nicaragua, Guatemala, and Ecuador.
The company's chief executive officer is José María Benavent Valero.
Pescanova was founded in 1960 by José Fernández López, who established the company in Vigo. From its beginnings Pescanova introduced new technology for the complete activity of fish processing, best defined by the factory ship which was not common in Spain at the time. The business model worked and allowed a continued growth making it one of the biggest firms in the fishing industry.
In 1980 Manuel Fernández de Sousa-Faro, the son of the founder, took over the presidency and, after a period of restructuring, Pescanova became a multinational empire. In 1985 it joined Madrid Stock Exchange.
On 15 April 2013, Pescanova filed in Spanish court for bankruptcy protection. The insolvency filing mentions debts of €1.5bn, but financial sources who have had dealings with the company say total debt is probably more than double that amount, potentially making it the country's third-largest bankruptcy. The court accepted the filing and said it would name independent administrators to replace the board. Pescanova revealed only on the day of the insolvency filing that Fernandez Sousa had sold half his 14.4 percent stake in the company in the months leading up to the filing without telling regulators, as required by law.
The multinational empire had by January 2014 an accumulated debt of €5.8bn, according to Spain's National Securities Market Commission (CNMV). In January 2014, three multinational investment funds were interested to refloat the bankrupt company with approximately €300m. The company operated under court protection while arrangements were made. The interested investors are consortia of:
The current board and management were opposed by minority shareholders. A director of Pescanova, Luis Angel Sanchez Merlo, resigned on 14 January 2014.
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Nueva Pescanova
Nueva Pescanova (previously Pescanova, S.A.) is a Spanish seafood company based in Redondela, Galicia. The group operates in 17 countries with approximately 12,400 employees.
Nueva Pescanova in headquartered in Pontevedra, Redondela, Spain. It operates in 17 countries, has more than 60 fishing vessels, and runs fish farming in Spain, Nicaragua, Guatemala, and Ecuador.
The company's chief executive officer is José María Benavent Valero.
Pescanova was founded in 1960 by José Fernández López, who established the company in Vigo. From its beginnings Pescanova introduced new technology for the complete activity of fish processing, best defined by the factory ship which was not common in Spain at the time. The business model worked and allowed a continued growth making it one of the biggest firms in the fishing industry.
In 1980 Manuel Fernández de Sousa-Faro, the son of the founder, took over the presidency and, after a period of restructuring, Pescanova became a multinational empire. In 1985 it joined Madrid Stock Exchange.
On 15 April 2013, Pescanova filed in Spanish court for bankruptcy protection. The insolvency filing mentions debts of €1.5bn, but financial sources who have had dealings with the company say total debt is probably more than double that amount, potentially making it the country's third-largest bankruptcy. The court accepted the filing and said it would name independent administrators to replace the board. Pescanova revealed only on the day of the insolvency filing that Fernandez Sousa had sold half his 14.4 percent stake in the company in the months leading up to the filing without telling regulators, as required by law.
The multinational empire had by January 2014 an accumulated debt of €5.8bn, according to Spain's National Securities Market Commission (CNMV). In January 2014, three multinational investment funds were interested to refloat the bankrupt company with approximately €300m. The company operated under court protection while arrangements were made. The interested investors are consortia of:
The current board and management were opposed by minority shareholders. A director of Pescanova, Luis Angel Sanchez Merlo, resigned on 14 January 2014.
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