Barramundi Group wins a further three months’ protection

The Barramundi group, which farms the fish of the same name, has been working on a way to put its finances on a firm footing, while negotiating with its creditors. In November, the High Court of the Republic of Singapore granted the company a three-month moratorium, during which creditors could not apply for a winding-up order or the appointment of administrators. Barramundi’s directors had asked for six months.

Yesterday, the High Court granted a three-month extension of the moratorium, up to 11 May, under section 64 of the Insolvency, Restructuring and Dissolution Act 2018. Any further extension will need to be applied for and granted at the discretion of the Court.

The company said that further updates will be provided as the restructuring process progresses.

Barramundi is listed on the Oslo Børs. In 2023 the group’s Australian farms were placed into administration after ambitious expansion plans had to be abandoned. The Australian operations were subsequently sold to Tassal, a Cooke subsidiary.

In September last year, Barramundi announced that it would be embarking on a financial reconstruction programme with the help of its financial advisor, KordaMentha Pte Ltd.

Barramundi is now investing in Brunei, which will be its centre of operations, including sea farming sites and a RAS (recirculating aquaculture system) facility.