Pescanova: The Collapse of a Giant

14 Pages Posted: 4 Sep 2014

See all articles by Teresa Mariño

Teresa Mariño

Afundación Business School

Elisabeth Bustos

Universidad Politécnica de Valencia

Date Written: September 3, 2014

Abstract

The CNMV, according to the article 85 of the LMV, requests Pescanova their 2012 financial statements as soon as possible. Also, the regulator requires from the company additional information on their balance sheets, debt conditions and the overcome and not paid debts. Pescanova, aware of the impossibility to submit this information to the regulator in the short term, acknowledged the CNMV that some differences between their accounting and their banking debts had just come up. These differences could be significant and were already being double-checked, for supervision and settlement, by their auditor BDO Auditores S. L. in order to correct them as soon as possible. The first alarm was raised by creditor banks. The Central Bank’s system for risks accounting sets the debt of the group in € 2,500 million, whereas the balance sheets show a liability of around € 1,600 million. Where did the difference go?

Keywords: Bankruptcy, financing sources, Stock Market, convertible bonds, equity capital, forensic report.

JEL Classification: G12, G23, G33, M21

Suggested Citation

Mariño, Teresa and Bustos, Elisabeth, Pescanova: The Collapse of a Giant (September 3, 2014). Available at SSRN: https://ssrn.com/abstract=2490909 or http://dx.doi.org/10.2139/ssrn.2490909

Teresa Mariño (Contact Author)

Afundación Business School ( email )

Avda. Madrid 60
Vigo, Pontevedra 36200
Spain

HOME PAGE: http://www.escueladenegociosncg.edu

Elisabeth Bustos

Universidad Politécnica de Valencia ( email )

Valencia
Spain

HOME PAGE: http://www.upv.es

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