Canadian salmon farmer files for bankruptcy

Gray Aquaculture has filed for bankruptcy protection. It comes just days after news of a Supreme Court ruling ordering the company to pay a CAD 650,000 (USD 617,322/EUR 466,205) outstanding bill for feed to a Fredericton company. The protection gives Gray 30 days to restructure finances and determine a way forward.

Gray facilities along the south coast were hit three times in the last year or so by infectious salmon anemia, which cost the company millions. The provincial government announced a CAD 5 million (USD 4.7 million, EUR 3.6 million) investment to allow Gray in 2012 to buy infrastructure, an investment the Fisheries Minister says paid off in dividends.

Derrick Dalley says it’s an unfortunate position the company finds itself in. He says he met with the company on 13 August to discuss the financial situation, but he says it's not for him to talk about Gray’s finances publicly.

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