Pescanova offers 30 million euros to save Chilean unit from being sold

Spanish multinational seafood processor Pescanova, currently in the hands of the receiver, has offered creditors of its Chilean unit Pesca Chile an immediate payment of 30 million euros against its debt to save it from being sold, sources with knowledge of the situation said Monday.

The sources said Pescanova’s chairman, Juan Manuel Urgoiti, had written to the creditors of the Chile unit, which is also under receivership, saying the down payment would be made before January 16 of next year and asked them to suspend the sale process for the subsidiary.

According to Chilean newspaper Diario Financiero, the sum offered by Pescanova would be enough to settle loans due on January 16 and keep the company going.

Pescanova also sent Pesca Chile’s receivers details of an offer made by Demetrio Carceller, the chairman of Damm, a Spanish beer maker which is also a major shareholder in Pescanova, in conjunction with the investment funds Luxempart, KKR and Ergon Capital, to inject 250 million euros into Pescanova in exchange for a stake of 51 percent in the company. Damm already owns 6.2 percent of Pescanova and Luxempart 5.8 percent.

Carceller’s offer includes Pescanova creditor banks agreeing to a haircut of between 80 and 85 percent of the company’s debt, which would amount to 2.9 to 3.0 billion euros and for them to hold the remaining 49 percent of Pescanova.