Spain

Pescanova SA is said to have won backing from a majority of creditors to restructure its debt a year after the Spanish fishing company entered bankruptcy protection, Bloomberg News reported. More than 60 percent of creditors voted in favor of the plan, which would hand control of the company to its biggest lenders, according to two people familiar with the results. At least 50 percent of creditors had to back the restructuring proposal. The operator of 90 ships as well as fish farms and processing plants from Spain to Chile needed to reach a deal with lenders by April 30 to avoid liquidation.

Codere SA gained more time to negotiate a 1.1 billion-euro ($1.5 billion) debt restructuring deal and avoid seeking full creditor protection, Bloomberg News reported. The Spanish gaming company’s lenders and a majority of bondholders agreed to continue talks for 10 days, Madrid-based Codere said in a statement. It had until today to reach an agreement or start insolvency proceedings after seeking preliminary creditor protection on Jan. 2.

Spanish media conglomerate Vertice 360 has declared insolvency and filed for a suspension of payments, which paves the way for a court-appointed administrator to prioritize debt and mediate payments with creditors, The Hollywood Reporter reported. The move comes after the Vertice failed to reach an agreement on its own with its creditors. The film and television group has been seeking to increase capital through various methods since December 2013, after posting a financial debt of $19.9 million (€14.4 million), with $93.7 million (€67.8 million) in losses.

Insolvent Spanish fishing company Pescanova, which is racing to avoid liquidation, said on Monday it had been granted an extra two weeks by a court to win the support of creditors for its debt restructuring plan, Reuters reported. Lenders have balked at the extent of losses the company, now being managed by the administrator Deloitte, wants them to take. Pescanova, a household name in Spain for its fish fingers, became one of Spain's biggest bankruptcies last year.

Codere SA’s bid to restructure 1.1 billion euros ($1.5 billion) of debt has stalled one month before the Spanish gaming company must reach an accord with creditors or seek full creditor protection, Bloomberg News reported. Codere’s bondholders rejected the company’s latest debt proposal today, saying it was “less favourable” than previous offers, according to a letter sent to the company’s board of directors.

Lenders to Pescanova SA, the Spanish fishing company trying to avoid liquidation, won’t back a shareholder restructuring plan and will seek to take control of the company, according to two people familiar with the matter, Bloomberg News reported. The banks plan to find an industrial partner to manage the business, said the people, who asked not to be identified because they’re not authorized to speak about it.

Lenders to Pescanova SA (PVA), the Spanish fishing company trying to avoid liquidation, won’t back a restructuring plan proposed by shareholders, Bloomberg News reported. Creditors will seek to seize control of Pescanova after an April 15 deadline set by a bankruptcy court for the plans from shareholders Damm SA, the Spanish brewer, and Luxempart SA, according to two people familiar with the matter, who asked not to be identified because they’re not authorized to speak about it. The banks plan to find an industrial partner to manage the company, the people said.

Spain has proposed a 2.3-billion-euro ($3.2 billion) rescue of nine failed motorways, two sources with knowledge of the matter said on Tuesday, in the latest state bail-out linked to the excesses of the country's property and construction boom, Reuters reported. The government plans to create a state company to house the failed toll roads, which will issue a 30-year bond of around 2.3 billion euros to pay the motorways' debt while forcing a 50 percent haircut on creditor banks, the sources said.

Codere SA creditors said changes to Spain’s insolvency laws support its offer to restructure 1.1 billion euros ($1.5 billion) of debt that was rejected by the Spanish gaming company, Bloomberg News reported. New bankruptcy rules came into effect on March 7, making it easier for troubled companies to avoid liquidation. The legislation encourages debt-for-equity swaps by threatening to make shareholders liable if they “unreasonably withhold” consent, Codere’s bondholders wrote in a letter to the company’s board of directors today.

The Spanish government is working against the clock to reach a deal with builders over a multibillion euro bail-out for nine bankrupt motorways which could directly hit the country's deficit, Reuters reported. Talks that have dragged on for months were abandoned at the end of last year, but have now resumed in the hope of finding a solution before the first of the companies starts liquidation proceedings in about a month.