6. Once upon a time, Pescanova was Spain’s largest seafood company, and a formidable force in the worldwide seafood industry. That all changed in February of 2013 when the company declined to disclose its debts as required by Spanish law. It had good reason — Spanish regulators soon found out the company was in a lot more financial trouble than it was letting on, and the investigation and scandal that unfolded rocked the company. Pescanova lost its chairman and CEO, along with its entire board of directors. Some of its foreign subsidiaries went bankrupt, others were sold off, and Pescanova itself filed for bankruptcy in Spain, placing the very future of the former seafood industry titan in doubt. What would happen now?
In May, the industry got its answer — Pescanova would survive, settle its debts and emerge from bankruptcy, albeit with a new definition of “business as usual.” The company inked a deal with its creditors and Spanish regulators that would allow Pescanova to settle its debts. Company officials have insisted that Pescanova is doing well, and maintains its relationships with key clients, but based on the most recent financial data available, we still have a way to go before anyone can say how the company’s current state matches up to what it was — or what the industry thought it was — prior to February 2013.
