Panrico: adopts measures to ensure Group viability

Barcelona / ES. (pslu) The Board of Spanish Panrico S.A.U., the food company specialized in pastry products and sliced bread, has appointed the economist and lawyer Carlos Gila, as first executive of the company. Gila is a restructuring expert, member of Panrico Board, graduated by Harvard School and associate professor at IE Business School. He has been, among other positions, Executive Vice President of La Seda Barcelona, and board member of Azucarera Ebro Agrícolas. From his new position, Carlos Gila will work closely with Panrico management team in order to provide the necessary instruments which must allow the implementation of a business plan that will guarantee the future of the Group in the middle of a very complicated market context. This business plan will need support from employees, suppliers, customers and financial entities, and requires being flexible enough to adapt the company to the hard market conditions. During the whole process consumers will continue receiving the product in the same way Panrico has been doing since 1962. Since 1963, Panrico is present in millions of homes, bars and cafeterias in Spain. The company has a distribution network of over 2’500 drivers covering 2’300 routes. Every day they reach over 120’000 points of sale. Since May 2012 Oaktree Capital controls 86 percent of Panrico as its majority shareholder.