Galician Court rules in favor of Broadbill investment fund in challenge to New Pescanova refinancing agreement

Commercial Court No. 1 of Pontevedra has annulled the court approval of the refinancing agreement reached by Nueva Pescanova, Abanca and other creditors on June 30, 2020.

The Galician court ruled in favor of the investment fund Broadbill, which challenged the refinancing agreement advised by Cuatrecasas lawyers Fedra Valencia, Rosa Gual, Adrián Yuste and Anna Sanfèlix.

The agreement contemplated capitalizing practically all the company’s €643 million debt—inherited after the bankruptcy of the old Pescanova—considering that the votes of the main shareholder and company creditor should not be included.