Singapore-based barramundi farmer Barramundi Group has released its FY 2023 results over five months after they were due, revealing SGD 11.7 million (USD 8.7 million, EUR 8.3 million) in comprehensive losses for the year.
Barramundi Group is publicly traded on the Oslo Børs, or Euronext Oslo exchange, but was placed on the exchange's “penalty bench” in June 2024 for failing to release its FY 2023 results by 30 May. In September, the company announced a restructuring plan that included hiring KordaMentha, an independent advisory and investment firm, to assist with a comprehensive restructuring scheme to bring it back into financial sustainability.
When the company announced its restructuring plan, the Oslo Børs placed it into its “recovery box” – a special compartment for companies in situations "subject to circumstances that make pricing of the securities particularly uncertain.”
The company also sought relief from the High Court of the Republic of Singapore under the country’s Insolvency, Restructuring, and Dissolution Act. The company wanted a six-month moratorium on any receivership and legal proceedings as it worked to restructure.
According to a release from the company on 7 November, the high court granted it a four-month moratorium from the date of its 11 October application – ending 11 February 2025.
“The company will take this time to carry on negotiations for restructuring funding, as well as a compromise of its debts with creditors,” Barramundi Group said.
Soon after it was granted the new moratorium, the company released its FY 2023 results revealing the extent of its losses.
According to its results, the company posted revenues of ...
