HispanicBusiness

Spanish fishing giant Pescanova SA said Monday that it had filed for insolvency while trying to maintain its activities.

The stock market watchdog, the National Securities Market Commission, had given Pescanova until Monday to explain discrepancies in its accounting.

Pescanova said it would seek an agreement with its creditors to try to keep its business afloat.

The firm, based in the north-western region of Galicia, described itself as the biggest fishing company in Europe with a fleet of more than 90 vessels and 10,000 employees worldwide.

The daily El Pais said Pescanova chief Manuel Fernandez de Sousa had secretly sold part of his stake in the company. Pescanova said Fernandez de Sousa had sold shares to try to raise financing for the firm.

Pescanova has reportedly been affected by Spain's deep economic crisis.