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Pescanova Lenders Said to Present Alternative Restructuring Plan

Five lenders to Pescanova SA, the Spanish fishing company trying to avoid liquidation, made an alternative restructuring proposal to the firm’s administrator in case a shareholder plan doesn’t get backing.

Banco Sabadell SA, Banco Popular Espanol SA, CaixaBank SA, NCG Banco SA and Banco Bilbao Vizcaya Argentaria SA passed their proposal to Pescanova’s court-appointed administrator Deloitte LP, according to three people familiar with the information, who asked not to be identified because they’re not authorized to speak about it. Under the proposal, the banks would inject 115 million euros ($158 million) into the company and guarantee 1 billion euros of debt, the people said.

A bankruptcy court has given creditors until April 15 to approve proposals from shareholders Damm SA, a Spanish brewer, and Luxempart that includes granting an increased equity stake to lenders in exchange for more capital. The operator of a fishing fleet and fish farms and processing plants needs to win agreement from more than 50 percent of creditors.

A spokeswoman for Damm wasn’t immediately available to comment when contacted by telephone. A Pescanova official, who asked not to be identified citing company policy, declined to comment.

Cinco Dias newspaper reported the creditors’ alternative proposal yesterday.

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