Reuters: Bankruptcy News: Spain's Pescanova to request 75 percent haircut on debt - source

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Spain's Pescanova to request 75 percent haircut on debt - source Sep 18th 2013, 09:51 MADRID, Sept 18 | Wed Sep 18, 2013 5:51am EDT MADRID, Sept 18 (Reuters) - Insolvent Spanish fishing firm Pescanova will ask its bank creditors to accept losses of between 70 percent and 75 percent on loans they made the company, a source with knowledge of the matter said on Wednesday. Pescanova's new chairman Juan Manuel Urgoiti is due to meet with banks on Wednesday to discuss a plan to re-float the firm, which an audit by KPMG showed had debt of 3.6 billion euros ($4.81 billion), making it one of Spain's biggest bankruptcies. Pescanova's creditor banks include Sabadell, Popular, Caixabank and nationalised lender NovaGalicia. It is unknown how much of the debt is held by the banks. Meanwhile, accounting firm PwC is preparing a viability plan for the company which is likely to include asset sales and the exchange of debt for shares, a move that, independent of a potential haircut on debt, would give banks control of the firm. ($1 = 0.7491 euros) (Reporting by Carlos Ruano; Writing by Tracy Rucinski; Editing by Fiona Ortiz and Louise Heavens)

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