date:Apr 07, 2013
Spanish fishing company Pescanova announced April 5 that it wouldfile for bankruptcy, after the failure of more than a month ofnegotiations with its creditors.
The company began talks with creditors to avoid seeking creditorprotection on March 1 after having accumulated debt of at leastEUR 1.5 billion ($1.9 billion), which company directors saidcould be higher.
Total debt is likely to be closer to EUR 2.8 billion , accordingto financial sources. The firm reported earnings of EUR 25million ($32