Pescanova
 |
|
| Sociedad Anónima | |
| Traded as |
BMAD: PVA : PNV |
| Industry | Fishing |
| Founded | Vigo, Spain (June 1, 1960) |
| Founder | José Fernández López |
| Headquarters | Redondela, Spain |
| Products | Fresh Fish, Frozen Fish, Value-added Fish products, Fish meals, Frozen food |
| Revenue |
 € 1.49 billion (2009)
|
|
€ 88 million (2009)
|
|
| Total assets |
€ 964 million (2009)
|
|
Number of employees
|
7,700 (3,399 in Spain) |
| Subsidiaries | Fishco, Acuinova, Aliholding |
| Website | www |
Pescanova, S.A. is a Spanish fishing company based in Redondela, Galicia. Its base of operations is the port of Vigo. The Pescanova group operates in 21 countries with approximately 3,400 employees. The group includes such companies as:
In April 2013, the company filed for bankruptcy due to liquidity problems.
Pescanova was founded in 1960 by José Fernández López, who established the company in Vigo. From its beginnings Pescanova introduced cutting-edge 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 .
With more than 120 fishing boats and 150,000 tons of fish products sold into the global market every year, Pescanova is among the top 5 companies in its sector. Besides the Spanish facilities, the company has production plants in 21 countries, amongst which are Portugal, Nicaragua, Namibia and Honduras. It had in 2013 approximately 3,400 employees.
On 15 April 2013, Pescanova filed in Spanish court for bankruptcy protection. The insolvency filing mentions debts of 1.5bn euros, 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 euros, 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 euros. The company operated under court protection while arrangements were made. The interested investors are consortia of
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Wikipedia