Spanish banks will gain yet more control over New Pescanova after a new recapitalization of the debt takes place in August, reports El Confidencial.
The plan is to reduce to the minimum the participation in the new company of old Pescanova’s shareholders -- holding at the moment 20 percent of New Pescanova -- including ex-president Manuel Fernandez Sousa and his partners, beer distributor Damm, and investment fund Luxempart.
The company will issue a new equity swap to exchange debt for company’s shares in August, which will give the creditor banks -- currently holding 80 percent of New Pescanova -- a bigger stake, the paper reported.
