Spanish court approves banks' takeover of Pescanova
23/05/2014 17:22
MADRID, May 23 (Reuters) - Spanish fishing company Pescanova PVA.MC came out of administration on Friday after a court approved a deal with creditors that leaves the company in the hands of its banks. Pescanova - which filed for bankruptcy last year - will be controlled by creditors including Spanish banks Sabadell, Popular POP.MC , Caixabank CABK.MC , BBVA BBVA.MC , NCG Banco and Bankia BKIA.MC . Under the deal proposed by the banks, and accepted by the court, creditors will retain 1 billion euros ($1.36 billion) of debt and will inject 125 million euros of capital into the company, the frozen fish products of which are among Spain's best-known brands. ($1 = 0.7336 Euros) (Reporting by Emma Pinedo; Editing by Fiona Ortiz and David Goodman) ((fiona.ortiz@thomsonreuters.com)(+34 91 585 2167)(Reuters Messaging: fiona.ortiz.thomsonreuters.com@reuters.net)) Keywords: PESCANOVA BANKS/