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Pescanova Trys to Solve Debts and Files for Pre-Receivership

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SPAIN - Pescanova, a Spanish seafood manufacturer which owns salmon farms in Chile, has filed for pre-receivership, a debt restructuring option.

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Pescanova currently has debt of €1.522 billion, eight times its annual operating profit, reports EL Pais.

The newspaper stated that by entering pre-receivership, the company is allowed three months to try to refinance its liabilities. The National Securities Commission (CNMV) on Friday 1 March suspended trading in Pescanova’s shares.

In a statement filed last week with the CNMV, El Pais reports that Pescanova said it would not be filing its earnings report for last year after its auditor threw into question the viability of the company as a going concern. It said it was either looking to sell salmon fish farms it owns in Chile or file for pre-receivership.