Juan Manuel Urgoiti, a business leader from the financial sector and an adviser to the Spanish titan Inditex, has been chosen as the new CEO of the Galician fishing firm Pescanova.
His first task is to renegotiate 3.674 billion euros of Pescanova's debt with creditors. Some sort of debt pardon is inevitable, but the exact amount is undecided and, according to Urgoiti, a major factor that will determine the success of Pescanova's new phase.
But refinancing and reducing debt is not the only key to the fishing company's success. It will need to restructure its entire business model and make several key divestments.
Once Pescanova solves its financial problems, it will then look to rebuild its brand and possibly attract new shareholders. At this point, it seems like Urgoiti is a great choice to steer Pescanova to calmer waters.
