MADRID – Spanish fishing firm Pescanova said on Friday 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.
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