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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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Seafood Expo Global

21-23 April 2015
Brussels, Belgium

Seafood Expo Global/Seafood Processing Global is the largest seafood trade event in the world. The event attracts more than 25,800 buyers and suppliers of fresh, frozen, packaged and value-added seafood products, equipment and services. Attendees travel from 150 countries to do business at the expo. Read More