Reuters: Bankruptcy News: UPDATE 1-Spanish court accepts Pescanova insolvency

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UPDATE 1-Spanish court accepts Pescanova insolvency Apr 25th 2013, 12:26 Thu Apr 25, 2013 8:26am EDT MADRID, April 25 (Reuters) - A Spanish court accepted Spanish fishing company Pescanova's insolvency petition on Thursday and said it would name independent administrators to replace the board of directors. "We declare Pescanova in insolvency," the Pontevedra mercantile court in northwestern Galicia said in a ruling published on Thursday. Galicia-based Pescanova, which catches, processes and packages fish, filed for insolvency this month on 1.5 billion euros ($2 billion) of debt and has yet to present audited 2012 accounts, missing a March 1 deadline. The company is also under scrutiny from the Spanish securities regulator after Pescanova chairman Manuel Fernandez de Sousa announced this month that he had sold half his 14.4 percent stake in the business in the months leading up to the insolvency petition. Shares in Pescanova, which have lost 99 percent of their value since the start of 2012, have been suspended since March 12. ($1 = 0.7695 euros) (Reporting By Carlos Ruano, writing by Tracy Rucinski; Editing by David Goodman)

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