Pescanova gets extension on bankruptcy process of Portuguese turbot plant

Nueva Pescanova was given a one-month extension in the bankruptcy process of its turbot plant in Mira, Portugal, to reach an agreement with creditor banks and to continue operations, reports Faro de Vigo.

The plant is now in the hands of creditor banks BPI, Millennium BCP, Caixa Geral de Depositos and NovoBanco, which have a month to reach an agreement to reduce the €40.7 million ($44.7 million) debt of the plant and avoid bankruptcy.

On Jan. 31, the company’s Portuguese arm Acuinova Actividades Piscicolas -- who runs the plant -- issued a Processo Especial de Revitalização (PER), a pre-insolvency declaration, in order to “save the plant.”

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