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Fernandez de Sousa leads shareholders to appeal Pescanova capital increase in court

The old company will fight to regain its position in the Nueva Pescanova.

21 April 2017 1:09 GMT Updated  23 April 2017 13:39 GMT
By IntraFish Media

Pescanova S.A, also known as old Pescanova, is planning to appeal against the decision made by the board of directors of Nueva Pescanova on April 20 to approve a capital increase of €135.4 million ($145.1 million), reports El Economista.

Old Pescanova became a minority shareholder -- with a 20 percent stake -- of Nueva Pescanova in 2015, when the group of banks dubbed the G-7, and led by Banco Sabadell, rescued the troubled company by acquiring 80 percent of it through a debt-for-equity swap.

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