MADRID – Spain's Pescanova, one of the world's largest fishing companies, is filing for insolvency after a month of boardroom battles ended in stalemate and put the future of the debt-laden group at risk.
Negotiations with creditors are deadlocked and the group is at odds with its auditors amid an atmosphere of mistrust and management infighting, sources told Reuters.
"It's a boat that's drifting, but it hasn't sunk," a banking source told Reuters.
Thursday's day-long board meeting ended early on Friday without agreement as shareholders locked horns over the role of the company's chairman and main owner, Manuel Fernandez, with many wanting him to step down, a source present at the meeting said.
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