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KKR-backed consortium bids for Pescanova

16 Dec 2013

spain_flag2_170sqA private equity-backed consortium has reportedly made an offer for Spanish fishing company Pescanova.

The consortium, which includes private equity firm KKR, Spanish brewer Damm and investment firm Ergon Capital Partners, are asking banks to write off 80 per cent of the embattled company’s debts, Spanish media reported.

Pescanova, which filed for bankruptcy earlier in 2013, has said that it is currently considering five takeover offers, all of which would require the company’s lenders including Sabadell, Popular, Caixabank and NGC take losses, said Reuters.

The company’s debts stood at €3.2bn at the end of 2012.

Last week KKR and Goldman Sachs exited their stake in discount retailer Dollar General for $252m.

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