Creditors of Spanish fishing company Pescanova have approved a capital increase of EUR 350 million (USD 386.8 million) for the struggling seafood provider, according to a report from La Voz de Galicia.
The increase is expected to take effect sometime before the end of the year, most likely between November and December, just after Pescanova’s board is scheduled to convene in September regarding the matter, the company said.
The specifics of the capital injection have not been publicly detailed; however, it is expected to involve an exchange of debt for shares, the article reported.
Pescanova recently saw a change in its leadership with the introduction of Ignacio Gonzalez, who took over as CEO of the company in February 2016. Gonzalez vowed to reorganize the company, upping its efficiency and productivity, when he took over the top seat earlier this year, noted the newspaper. Trading of Pescanova’s shares have been suspended since 2013, reported Cinco Dias in April.
