Juan Manuel Urgoiti has stood firm with creditors just several days after being named the new CEO of Pescanova. He will either accept a deal that would allow Pescanova to pay just part of its 3.644 billion euros in loans or the company will be sold.
If Pescanova goes under, then Galicia will lose 0.2% of its GDP, 10,000 workers will be unemployed and its various service providers would suffer.
The fishing company's international scope and the brand that it has created during its 53 years should not be allowed to fail without serious talks about how to keep it afloat -- perhaps by finding new investors or business partners. The seven Spanish banks that are Pescanova's creditors right now have no option but to discuss a deal that would allow it to pay just some of its debt and continue operating.