It comes as a surprise that the Galician fishing company Pescanova has asked for a pre-creditor's meeting. It was known that the company was facing debt payments of 500 million over the next three years, but last year it paid off 200 million of that without issue and won many buy recommendations from market analysts. This year, another 114 million of debt payments remain.
Because Pescanova is using its ships and factories as collateral against its loans, it has liquidity problems and has asked for an extended deadline to make payments on these loans. But its lending banks have said no, even though they deny it. Now the company wants to refinance its debt before defaulting. This is another example of how the combination of companies with liquidity problems and tight-fisted banks are causing many companies to close their doors.
