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October 19, 2013

Spain

Pescanova’s Bankruptcy and Shrimp Farms

 

Between 2007 and April 2013, Pescanova, the troubled Spanish seafood giant that has filed for bankruptcy, invested around $520 million in 11,500 hectares of shrimp farming sites in Nicaragua, Ecuador, Honduras and Guatemala and in processing plants in Spain, Italy and France, according to a Deloitte, the largest financial consulting firm in the world, bankruptcy report.

 

According to accounts released in 2011, the shrimp farms and processing plants had sales of over $400 million and profits of $85 million.

 

Deloitte considers the shrimp farming and processing business key to keeping Pescanova’s core business intact, a view that agrees with the assessment of PriceWaterhouseCoopers, another of the world’s largest financial consulting firms, based on drafts of its viability plan for Pescanova that were leaked to the Spanish press.

 

Pescanova’s newly elected chairman Juan Manuel Urgoiti is bullish on the company’s future.

 

Source: Undercurrent News [eight free news reads every month].  Editor, Tom Seaman (undercurrent@undercurrentnews.com).  Deloitte Sees Aquaculture, Latin America Shrimp Farms as ‘Key to Pescanova’.  October 3, 2013.

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