Madrid.Spanish fishing firm Pescanova said this week it had filed for insolvency having failed to sell part of its salmon farming business, joining a growing list of companies struggling to stay afloat in a drawn-out recession.
The company, based in the northwestern city of Pontevedra, now has up to four months to renegotiate its debt with creditors under Spanish law.
Pescanova, which had debt worth 1.52 billion euros ($1.99 billion) at the end of September last year, struggled in the last months to make its investments into farmed crustaceans and fishes profitable.
Its main shareholder - with 14.5 percent of the equity - is Manuel Fernandez de Sousa-Faro. He has also been the CEO of the company for more than 30 years.
Spain's stock market regulator earlier suspended trading in Pescanova's shares after the company failed to release results before an end of February deadline.
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