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A Spanish court accepted Spanish fishing company Pescanova's insolvency petition on Thursday and said it would name independent administrators to replace the board of directors.

“We declare Pescanova in insolvency,” the Pontevedra mercantile court in northwestern Galicia said in a ruling published on Thursday.

Galicia-based Pescanova, which catches, processes and packages fish, filed for insolvency this month on EUR 1.5 billion (USD 2 billion) of debt and has yet to present audited 2012 accounts, missing a 1 March deadline.

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9-11 February 2015
New Orleans, Louisiana

The SeaWeb Seafood Summit brings together global representatives from the seafood industry with leaders from the conservation community, academia, government, and the media for in-depth discussions, presentations, and networking around the issue of sustainable seafood. Read More