Compañía Internacional de Pesca y Derivados (Inpesca) has reduced its estimation of the worth of its holding in Atunlo to zero, wiping out EUR 5 million (EUR 5.5 million) in value.
The Vigo, Spain-based Atunes y Lomos (Atunlo) is a value-addition and marketing firm for tuna products caught by Inpesca’s four vessels operating in the Indian Ocean. Earlier this year, it entered bankruptcy after it was unable to restructure its debt following its pre-bankruptcy filing in November 2023.
Citing recent deterioration of the company’s worth, Inspesca, the owner of 40 percent of the venture, has issued an updated revaluation of Atunlo that fully zeroes out the value of its holding. In 2022, it had valued the stake at EUR 5.2 million (USD 5.7 million). In June 2024, Inpesca declared Atunlo "dead" and said it would no longer supply it with product per its previous contractual arrangement.
In its most recent financial statement, Inpesca acknowledged EUR 27.5 million (USD 30 million) in additional losses, mostly related to Atunlo, which had EUR 220 million (USD 240 million) in sales in 2022. That includes its guarantee of EUR 6.8 million (USD 7.4 million) in outstanding loans, EUR 2.2 million (USD 2.4 million) in balances receivable from other shareholders, and EUR 21 million (USD 22.9 million) in invoices owed, according to Faro de Vigo. Largely as a result of issues with Atunlo, Inpesca’s sales dropped from EUR 90.4 million (USD 98.7 million) in 2022 to EUR 70 million (USD 76.5 million) in 2023. Albacora, Inpesca’s primary shareholder via its Euskaltuna subsidiary, has stated it does not expect to record further losses related to Atunlo.
Coper, which owns 40 percent of Atunlo, said in a recent statement to Atlántico it is “working normally,” despite suffering its own losses from the bankruptcy. Panama-based Marpesca, which paid EUR 5 million for a 20 percent share in Atunlo in 2023, has also entered bankruptcy, according to Faro de Vigo.
It remains to be seen what will happen to Atunlo, which has more than EUR 160 million (USD 173 million) in debt and is facing potential liquidation if a bankruptcy judge overseeing its case decides that is the best means of recovering value from the firm for its shareholders.
It has been operating at reduced capacity after arriving at supply deals with WOFCO and Atunsa, according to Atlántico, but shuttered its Santoña and O Grove facilities and made the decision in February 2024 to close its Cape Verde factory, which it inaugurated in 2015.
However, Coper, which recently entered pre-bankruptcy proceedings itself, said it hopes to reopen the Cape Verde plant and switch production to niche, higher-end tuna products for the European market, with an emphasis on sustainability, Atlántico reported.
Atunlo continues to operate its Cambados and Vila Nova de Cerveira factories via a partnership with Marfrío. It reported losing EUR 70 million (USD 75 million) for the year ending 31 March, which equates to more than half its share capital. The company's website was not operational as of 7 August.
