Nueva Pescanova’s board of directors will on Wednesday approve the largest capital increase so far, freeing the fishing company up of €350 million ($375.5 million) worth of debt, reports Faro de Vigo.

The operation will also reduce the stake of old Pescanova in the new company from 20 percent to 1.63 percent.

The capital increase will be carried out through debt conversion and debt-for-equity swaps, for a share value that will be determined by Banco Sabadell, the main shareholder in the fishing company.

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