The group of Pescanova’s creditor banks known as G7 intends to start express insolvency this week in the Spanish Galician multinational firm’s subsidiaries, FIS reported. Sources close to the bank said it is necessary to carry out this process "soon," the newspaper Faro de Vigo reported. For the banks, the documentation is "almost ready" for all the Spanish subsidiaries – except for Insuiña SL and Sémolas del Noroeste SA (HASENOSA) – to be declared as undergoing creditors’ meeting.

Six years after the start of an economic crisis that left Spain on the verge of collapse, the country has finally seen bankers sentenced for financial abuses, the Irish Times reported. On Thursday Ricard Pagès, a former managing director of Catalan savings bank Caixa Penedès, was handed a two-year jail sentence for embezzling funds from the lender, while three of his former colleagues were given one-year sentences. The defendants’ jail terms were cut after they admitted their guilt and agreed to give back €28.6 million which they had ploughed into their pension funds.

Pescanova’s Spanish subsidiaries will go through an ‘express’ scheme of debt restructuring under bankruptcy protection (‘concurso de acreedores’ in Spanish), reported Faro de Vigo. Only a handful of subsidiaries will not have to do this, said the newspaper. According to the newspaper’s sources, these include two Galicia-based subsidiaries of Pescanova, the turbot fingerling subsidiary Pescanova Insuina and specialty flour producer for precooked products Harinas y Semolas del Noroeste (Hasenosa).

Bad loans held by Spanish banks fell for the second month in a row in March, indicating that a budding economic recovery is finally starting to benefit the country's lending institutions, The Wall Street Journal reported. Data released Monday by the Bank of Spain showed that nonperforming loans stood at €192.77 billion euros ($263.98 billion), down from €195.24 billion in February. In total, 13.38% of lenders' outstanding debts were classified as nonperforming at the end of the month.

Codere SA, the Spanish gaming company negotiating a 1.1 billion-euro ($1.5 billion) debt restructuring, said it has less than 24 hours to reach an accord with bondholders and neither side can guarantee a deal in time, Bloomberg News reported. In Codere’s latest restructuring proposal, bondholders would get 70 percent of the company’s equity while shareholders would hold 30 percent, the Madrid-based company said in a filing.

Gambling company Codere SA said it has until early Wednesday to secure a debt restructuring agreement and avoid bankruptcy, having agreed with creditors on a two-day extension to the deadline, The Wall Street Journal reported. The previous deadline, agreed with creditors holding around €1 billion ($1.4 billion) worth of debt, expired at the weekend, but a Codere spokesman said Sunday that talks were ongoing. Codere has been in a so-called preliminary bankruptcy since earlier this year, following complex negotiations with the bondholders and other creditors.

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.