Secured and unsecured creditors of the Barramundi Group have greenlit a restructuring plan the company settled on in April 2025.
Barramundi Group settled on the main terms of a debt restructuring agreement with its principal secured creditor United Overseas Bank in April, after first announcing the plan in September 2024. The company was placed on the Oslo Børs penalty bench in June 2024 after failing to report its 2023 financial results in a timely manner, with those results eventually revealing it suffered SGD 11.7 million (USD 9.1 million, EUR 7.8 million) in comprehensive losses for the year.
After reaching the agreement, the company had to bring it before its unsecured creditors and receive sufficient positive votes to move forward. According to a release from the company, 99.28 percent of the unsecured creditors by value agreed to the restructuring scheme.
Now, the company said it has applied to the court for an extension of a moratorium order it was granted against receivership proceedings until the hearing of its application.
Under the scheme, Barramundi Group will issue a private placement of new shares in the company, raise money via convertible shareholders’ loans, and restructure its debt into new shares of the company.
Currently, no hearing date for its application to the court has been set.
