Pescanova minority shareholders association AMAP is asking the G7 to reconsider the €125 million ($141.5 million) credit line activated earlier this year, reported Atlantico.
“We are asking the G-7 [New Pescanova main creditor banks and shareholders of 80 percent of the company] to back out on the credit they agreed upon towards the end of the year, and to finance the company at market prices,” AMAP representatives said.
Old Pescanova shareholders, who own a 20 percent of the new company, warned this credit will reduce to zero the company’s net worth, claiming if a company signs a credit on conditions above the market prices, any cost above those levels are losses to the company.
