Spanish fishing firm Pescanova said it had filed for insolvency, according to international media. The company, based in the northwestern city of Pontevedra, now has up to four months to renegotiate its debt with creditors under Spanish law.
The company is Europe’s second- biggest fish processor and its shares plunged 60 per cent after it started the initial phase of seeking creditors’ protection and delayed results pending asset sales and a debt renegotiation. Pescanova currently has debt of €1.522 billion, eight times its annual operating profit, reports EL Pais.