スペインの破産申告した冷凍魚介類食品会社のPescanova の、借金額と残高が一致せず、会計帳簿操作？
Las cuentas no cuadran en Pescanova
La compañía admite “discrepancias” entre el balance y su deuda real
El descuadre, de entre 500 y 1.000 millones, se enmascaró con operaciones con sus filiales
La firma Houlihan Lokey exigió transparencia para asesorarles en la reestructuración
Cristina Delgado / María Fernández Madrid 13 MAR 2013 - 00:00 CET
The accounts do not balance in Pescanova
The company admits "discrepancies" between the actual balance and debt
The mismatch, between 500 and 1,000 million, was masked with transactions with its subsidiaries
The firm Houlihan Lokey to advise demanded transparency in the restructuring
Cristina Delgado / María Fernández Madrid 13 MAR 2013 - 00:00 CET
"Pescanova announced that he had detected discrepancies between their accounts and bank debt figures." Pescanova accounts do not balance and debt is not what was said. He acknowledged yesterday the company, after 12 days of stock market turbulence and uncertainty among analysts. The alarms went off on 28 February, when Pescanova announced late in the night it would not file its 2012 accounts. The frozen seafood company to give notice waited until the last minute of the last day on which the bank had listed to present their balance sheets. A bad sign. Hours after presenting the preconcurso informed creditors. And the rotten smell reached the National Securities Market Commission (CNMV), which on Monday announced it was investigating whether the company has been "market abuse". Ordering him to present "at the earliest possible" accounts 2012 with serious threats if he did.
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The latest official information on its debt is dated September 2012, when he admitted a liability of 1,522 million euros, of which 756 million were short term. The listed company, which has more than 10,000 employees, has not provided much is the figure at the end of the year and how it is affected by the numbers of its hundred branches worldwide. Although unlikely to recognize the fact that in his books are "significant discrepancies" and left at the feet of the horses to their creditors, shareholders and bondholders. Without further explanation, the company said yesterday that it has asked for help from its auditor, BDO, to evaluate and compare the differences. "We are in the process of review and reconciliation," he said tersely in a statement its president, Manuel Fernandez de Sousa.
And financial sources close to the company said that the actual number of debt is between 2,000 and 2,500 million. Houlihan Lokey was apparently, was to be hired as financial advisor to carry out the restructuring of the debt, who informed the company and the creditor banks that existed descuadres. In a meeting on Thursday with about 40 creditors, he noted that it had detected operating within the group, between the subsidiaries and the parent company, which made the balance of the debt figure was different from the real one, and that part of liability had been masked.
Among the creditors are about fifty of banks of all types: from savings banks nationalized merger or international entities. The more money you have committed are Sabadell (200 million euros), Novagalicia (between 150 and 170 million) and somewhat lower amounts are CaixaBank and Popular.
Pescanova informed the CNMV on Monday it had decided to temporarily suspend the recruitment of Houligan Lokey justifying the change had to be ratified by the board. However, according to financial sources, might respond to a request of one adviser, who demanded that the accounts are cleared before starting work restructuring.
The crisis began with the auditor's objections to the accounts of 2012
Prior to the recognition of deferred descuadres and financial advisor services, Pescanova presented preconcurso creditors. Another precipitated this decision: January 27 had won a syndicated loan and part of the creditor banks had not accepted that loan refinancing. The auditor warned the company that was going to be a caveat in their accounts. That is, the balance of 2012, the auditor would have a warning explaining that problem, according to financial sources. The company chose to preconcurso eligible creditors, and thus ensure four months to tidy up their numbers. The CNMV, however, have been tied to Pescanova in short: to the tremendous swings in stock titles and suspicion of "market abuse" (which can mean manipulating the stock price or insider trading) have been forced to submit and their numbers.
Request the preconcurso (which was accompanied by a sharp drop in the stock market) seems a drastic measure against a caveat. But the threat of aflorase the imbalance and the fact that at least two directors refused to sign the latest accounts precipitated the situation. The headlong rush Pescanova is also related to the personality of its chief executive and president, Manuel Fernandez de Sousa, determined to keep control of the company even though its shareholding position has been weakened to the current 14%. The first time I sat on the board of directors of the company, founded by his father, was in 1977. Nine years later he became president and has always had great support in Galicia, as he received in 1995 from the regional government led by Manuel Fraga Iribarne. Then a bid for Unilever was about to make the Galician capital lost control of fisheries. The operation was neutralized with public support in the form of generous grants and loans of 42 million euros.
The company has 10,000 employees and hundreds of offices worldwide
In the last ten years things have become a twist to Fernández de Sousa, who has lost as the South African historical shareholders Imperial Cold Storage (ICS), Rodman Poliships or recently merged savings banks in Novagalicia. Both accounted for 24% of the securities of the company and canceled his position in June 2011. With them the President lost a key financial partner.
Alfonso Paz-Andrade, son of one of the founders of the company and historical shareholder (has 3.5%), stopped the practice in 2007 as CEO after 30 years with the company. It happened by professional disagreements with President in a time when several executives questioned how Fernandez de Sousa had faced investments in aquaculture. As if that were not enough, the crisis has emphasized the financing of the company to the point of having to make interest-bearing emissions close to 9%.
The trading was suspended yesterday at 5.95 euros per share. Pescanova held tomorrow Thursday a board that boasts very complicated. None of the shareholders has taken a clear position to force a change of direction even though major companies like Damm, Demetrio Catalan group Canceller, seriously questioned Fernandez de Sousa.
スペインの破産申告した冷凍魚介類食品会社のPescanova の、借金額と残高が一致せず、会計帳簿操作？
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