Billund Aquaculture ‘to file for bankruptcy’

Billund Aquaculture, the Danish company specialising in design and start up services for recirculating fish farms, is reported to have filed for bankruptcy.

The company said in a statement on Friday that there was no basis for further operation and would therefore be submitting a winding up petition.

It had taken a hit during the pandemic and this was followed up by further issues from the Ukraine War.

Billund’s chairman Jon Refsnes said the decision was taken with deep regret, adding there was no real alternative.

CEO Kristoffer Lund added that Billund had had good operations over the past year. But there had been too many challenges from previous activities, which made it difficult to find sufficient capital for further operations.

Despite good operational progress, the company’s efforts to secure its capital needs were ultimately hampered by disputes from before the 2022 changes.

Based on this, the board concluded that there is no basis for further operation. Efforts will now be made to find the best possible solutions for all employees, customers and creditors.

Billund was born in Denmark as an offshoot of an eel producer, but was founded in 1986, back when RAS was a practically unknown technology.

Thanks to the innovative and visionary spirit of its leaders, Billund became a pioneer in the development of sustainable aquaculture all over the world.

In the nineties, the company ramped-up its activities in Taiwan, Korea, Thailand and China due to the eel production boom.

This lasted for around seven years before moving into the salmon sector through a recirculation fish farm in Chile.

With offices in Denmark, Chile and Australia, Billund Aquaculture was  a pioneer in the development of RAS technology worldwide.