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Pescanova possibly settling Lafonia sale


Krill, Euphausia superba. (Photo Credit: Uwe Kils CC BY-SA 3.0)

Click on the flag for more information about SpainSPAIN 
Friday, September 19, 2014, 23:40 (GMT + 9)
The Galician multinational firm Pescanova would be performing the steps to settle the sale of its subsidiary Lafonia, a company which in turn has two subsidiaries: Polar, in the Falkland Islands; and Antarctic Sea Fisheries, in Chile.
Pescanova is one of the few firms that has permission to fish in Antarctic waters through Lafonia but its executives have chosen to leave the area and sell its subsidiary, as it was reported by Cinco Dias.
According to sources close to the fishing group, the sale of Lafonia is valued at an amount ranging between EUR 15 million and EUR 20 million.
Polar has a fishing quota for squid, cod and icefish in the Falklands, and owns two of the best trawling vessels that exist in Spain: the Sil and the New Polar.
Meanwhile, Antarctic Sea Fisheries has a longliner with permit for fishing for cod in South Georgia (near the Falklands), and the trawler Betanzos, involved in capturing krill.
In 2011, the company invested EUR 17.3 million in updating Betanzos to suit it for krill fishing.
According to the viability plan issued by PwC for Pescanova in 2013, Lafonia – in creditors’ meeting stage -- could reach annual steady sales of EUR 21.7 million.
The report details the company owes EUR 3.2 million to Banco Sabadell, EUR 2 million is owed to Bank of Western Australia and EUR 1.39 million to BBVA, while the fuel expense amounts to EUR 2.48 million per year.
These consulted sources pointed out that the Galician multinational firm intends to get rid of Lafonia and focus on Argenova, its subsidiary in Argentina. 
This company has been in creditors’ meeting phase since May 2013. It employs about 1,000 workers and has 18 vessels.
PwC estimates that the company in Argentina owes EUR 6.5 million to Caixa Geral, EUR 11.7 million is owed to the bank Sabadell, EUR 1.9 million to Banco Patagonia and EUR 1.8 million to Deutsche Bank.
As to Pescanova’s operations in Chile, it is expected that by the end of this month the sale of all the assets of the Galician multinational firm in this country comes to an end:PescaChileAcuinova and Nova Austral, the newspaper La Voz de Galicia reported
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