Pescanova would use US$ 71 million credit to pay local debts

Christian Pérez According to the financial journal Diario Financiero, the administrator of Pescanova, Deloitte, has requested a loan of around US$ 71 million which would allow the company to maintain operations in its local subsidiaries -although those firms are in bankrupt in Chile. These resources would be mainly used in the payment to suppliers of the Pescanova subsidiaries in Chile, where it operates through Pesca Chile, which in turn controls the salmon producing companies Acuinova and Nova Austral. This credit would be the "minimum" required by the firm to meet its daily expenses for management and payment to suppliers, even though Pesca Chile is in bankrupt in our country and it is administered by the trustee Herman Chadwick. According to Spanish sources, these nearly US$ 71 million will be counted outside the firm's bank debt, which totals around US$ 3,800 million. In other words, this credit will be considered as preferential debt, where banks will have preference to retrieve money from there. However, this credit is currently pending of approval by the banking sector.