Pescanova shareholders approve debt settlement plan
Shareholders of the Spanish seafood giant Pescanova voted today to approve a restructuring plan to help settle the company’s debts.
The vote came in spite of tension and concern that a majority would not approve of the plan which, according to Spanish media, gives 20 percent of the company to the current shareholders, and the remainder to creditor banks.
The company’s board of directors, which had a 58.85 percent stake, approved the proposal and had the support of 75.66 percent of shareholders present or represented by 61.14 percent of the banks. According to Spanish media, the banks are expected to support the approved plan.
The company has been embroiled in scandal and financial hardship since February 2013, when its refusal to disclose its debts as required by Spanish law touched off an investigation that led to allegations of concealment of massive debts and other financial malfeasance. The company eventually entered into bankruptcy, and replaced its president and entire board of directors at the time.