The debts of Spanish fishing firm Pescanova were more than double what it stated when it entered insolvency proceedings in April, the company said on Wednesday citing a KPMG audit, making it one of Spain’s biggest ever bankruptcies.
Pescanova’s debt was EUR 3.3 billion (USD 4.2 billion) at the end of December, the company said. This compares with the EUR 1.5 billion (USD 1.96 billion) debt mentioned in the company's insolvency filing.
The former management of Pescanova acted to conceal the company’s true debt position for many years, the audit said.
