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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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