More than two years after Pescanova entered bankruptcy, the firm's shareholders approved the company's restructuring plan at an extraordinary general meeting held this morning in Pontevedra, Spain, according to a note posted by Pescanova to the the National Securities Market Comission (CNMV).
Shareholders approved the proposal submitted by the minority, which means giving a 20 percent stake in the New Pescanova to current shareholders and the G7 creditors -- Sabadell, Abanca, NCG, Bankia, BBVA, CaixaBank and Popular -- taking the remaining 80 percent stake after accepting a sharp reduction the group's debt.
The
