Spanish fishing company Pescanova is filing for insolvency after a month of negotiations with creditors and boardroom battles failed to settle its future.
An all-day board meeting on Thursday ended in the early hours of Friday without agreement and shareholders locked horns over the role of Chairman and main shareholder Manuel Fernandez, with many wanting him to step down, a source present at the meeting said.
Pescanova, which catches, processes and packages fish on factory ships, is the latest of many Spanish companies to be forced to the wall in a prolonged recession and credit crunch.
