Pescanova-branded tramway in Poland, 2009.
November 22, 2013
Pescanova will present a scheme of agreement proposal by Nov. 30, with the goal of having it signed by more than 50% of the company’s creditors before the end of the year, sources close to Pescanova told Undercurrent News.
The proposal will determine the write-off percentage to reduce Pescanova’s debt (€3.6 billion), as well as its debt capitalization – debt-for-equity swap – and the injection of cash provided by potential investors.
In case more than 50% of creditors signed the scheme of agreement draft, Pescanova could avoid filing for bankruptcy by the end of the year, a source close to the multinational told Undercurrent.
Sources did not want to provide more details about these “sensible” key issues on Pescanova’s viability plan as negotiations to have the scheme of agreement draft ready before deadline are still ongoing.
About the write off, however, a source said it can be “important” – it has already been suggested to be between 50% and 75%, which would reduce the debt to €750-€800 million.
PwC: Pescanova needs €250m to keep going
PriceWaterhouseCoopers’ viability plan for Pescanova estimates the multinational needs €250m to guarantee its operations in 2014, taking into account Pescanova’s capital expenditure, operational expenses and contingent capital, a source close to Pescanova said.
“PwC states in its viability plan Pescanova needs capital of €250m to continue operating, not €180m as the newspaper [Faro the Vigo] says,” the source said, referring to the information published by the Spanish local newspaper about an alleged discrepancy between creditor banks and PwC on Pescanova’s capital needs.
The €180m the newspaper refers is not the capital Pescanova needs to continue operating, but the amount of money PwC estimates for its operational expenses, the source said.
“Creditor banks agree on this,” the source added, in regards to the €250m to guarantee Pescanova’s operations.
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