The High Court of the Republic of Singapore has granted Barramundi Group a three-month extension on a moratorium that is keeping the company from entering receivership.
Barramundi Group first asked for a six-month reprieve on receivership and legal proceedings against the company in October 2024. Under Singapore law, the company is allowed to request relief from the court under Section 64 of the country’s Insolvency, Restructuring, and Dissolution Act, which gives it more time to restructure and avoid legal proceedings or receivership.
That request followed the firm announcing it was undertaking a comprehensive restructuring plan in September 2024 as it worked to secure its financial sustainability. The company was placed on the Oslo Børs penalty bench in June 2024 after it failed to report its 2023 financial results in a timely manner.
The company took until November 2024 – or five months after it was due – to finally release its FY 2023 results, revealing SGD 11.7 million (USD 8.7 million, EUR 8.3 million) in comprehensive losses for the year.
Ultimately, the court granted a four-month moratorium order on 7 November 2024, which would have expired on 11 February 2025. The company said it applied for an extension on 5 February, and after a hearing on 19 February, the court ultimately granted a three-month extension.
“Further updates will be provided as ...
