Spain's Pescanova puts breaks on financial adviser hiring

MADRID, March 11 (Reuters) - Spanish fishing firm Pescanova , which started insolvency proceedings on March 1, said on Monday it had temporarily suspended the hiring of Houlihan Lokey as its financial adviser.

The company said it had not formalised all the terms of the contract for Houlihan Lokey to advise it on restructuring, which need to be approved by Pescanova's board once the company's 2012 results are drawn up. (Reporting by Clare Kane; Editing by Mark Potter)