Barramundi Group has settled on the main terms of a debt restructuring agreement with its principal secured creditor United Overseas Bank.
The beleaguered aquaculture company has been working on turnaround efforts after being placed on the Oslo Børs “penalty bench” in June 2024 for failing to report its FY 2023 results in a timely manner. It eventually released those results in November 2024, revealing SGD 11.7 million (USD 8.9 million, EUR 7.8 million) in comprehensive losses for the year.
The company announced a restructuring plan in September 2024 and said it hired KordaMentha – an independent advisory and investment firm – to implement the restructuring scheme. A month later, it asked the High Court of the Republic of Singapore for a six-month moratorium on any receivership and legal proceedings against it as it worked on that plan. Under Singapore law, a company is allowed to request relief to get more time to restructure.
The court ultimately granted the reprieve on 7 November. On 20 February 2025, Barramundi Group asked for an extension of that reprieve, which the court ultimately granted.
Now, the company said it has reached an agreement with United Overseas Bank on the terms of a restructure after months of work.
“The details of the arrangement are ...
