The board of the Spanish fishing firm Pescanova announced that they are considering a buyout offer from a consortium of investors including US private equity firm KKR and shareholder Damm, according to Reuters.
Four national and foreign companies submitted a joint bid for Pescanova in an attempt to prevent the Galician multinational firm from being liquidated.
Damm, Luxempart and investment funds KKR and Ergon Capital Partners have made a "credible, sound and viable" offer, say the global Fish Information Services company.
Damm and Luxempart are existing shareholders in Pescanova and collectively hold a stake of around 11%.
Pescanova filed for bankruptcy earlier this year after its auditors said managers had attempted to hide debt.
The head of the Spanish frozen fish giant admitted in July that he may have made bad decisions after an auditor's report said the group deliberately fabricated deals and financial results to disguise a €3.28 billion debt.
Pescanova president Manuel Fernandez de Sousa, who denies wrongdoing in one of the largest financial scandals of Spanish corporate history, said at the time that despite possible errors, he acted in good faith.
© 2013 - European Supermarket Magazine by Enda Dowling
