The regional government of Galicia said Thursday that it stood ready to provide economic help to Pescanova, an insolvent fishing company that has become the latest big corporate casualty of the Spanish debt crisis.
The offer coincided with an extraordinary board meeting of Pescanova, called by some of its institutional shareholders. They are pushing for Pescanova’s longtime president to explain how the company ended up with accounts that do not match the debt claims filed by its creditors.
Pescanova filed for bankruptcy protection on 1 March after failing in an effort to divest some assets to help meet its debt refinancing obligations, which this year amount to about 200 million euros, or USD 260 million. The company then announced in a separate filing on Wednesday that it had found “discrepancies” between its accounts and its actual bank debt, a gap that “could be significant.”
