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Pescanova Banks May Take 75% Haircut, Chairman Tells Economista 2013-12-27 08:13:21.974 GMT
By Manuel Baigorri Dec. 27 (Bloomberg) -- Pescanova creditor banks may have to accept >75% haircut on the company’s debt within 15 days, Chairman Juan Manuel Urgoiti tells El Economista. Urgoiti is also quoted as saying in interview: * If banks don’t accept such a high haircut, Pescanova will have to be liquidated * Rules out entrance of funds in co.’s capital as an alternative * Pescanova to name CEO after talks with banks end * Pescanova may have to restructure its staff, including incentivized layoffs or early retirements * Co. may have to reduce its fleet of 91 vessels * Co. to reach EU100m in Ebitda within 12 months after reaching agreement with banks; Ebitda to reach EU200m in 3-4 yrs; co. is profitable * Rules out sale of significant assets * Link to newspaper’s website: http://www.eleconomista.es
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To contact the reporter on this story: Manuel Baigorri in Madrid at +34-91-7009647 or mbaigorri@bloomberg.net
To contact the editor responsible for this story: Kenneth Wong at +49-30-70010-6215 or kwong11@bloomberg.net