Barramundi Group has applied to the High Court of the Republic of Singapore for a six-month moratorium on any receivership and legal proceedings against the company as it works to restructure.
Barramundi Group began a comprehensive restructuring scheme in September 2024 to deal with financial difficulties. The company was placed on the Oslo Børs penalty bench in June 2024 after failing to meet deadlines to disclose its financial results for FY 2023. That failure came after similar delays to its FY 2022 results, which when eventually released, showed it had posted a SGD 31.9 million (USD 24.4 million, EUR 22.5 million) loss for the year.
As it continues to work to turn things around, Barramundi Group said it has sought relief from the High Court of the Republic of Singapore under Section 64 of the country’s Insolvency, Restructuring, and Dissolution Act.
If approved under the order, the company will have a six-month period where no receiver or manager can be appointed over any property or undertaking by the company; no execution, distress, or other legal processes against Barramundi Group can be started, continued, or levied except with permission and terms from the court; and no enforcement of any security or repossession of any goods and property held by Barramundi Group can be taken, except with leave of the court.
“The company requires the reliefs provided by the Moratorium Order to protect it from creditor enforcement action while giving it breathing space to carry on negotiations for a restructuring and compromise of its debts with its creditors,” Barramundi Group said in a release.
The company said in support of the order, it obtained a SGD 400,000 (USD 305,600, EUR 280,200) bridging loan from a shareholder. Barramundi Group said the loan will aid the company with operational runway into the moratorium order and finalization of its restructuring plans.
Barramundi Group has gone through multiple board members as it has struggled financially. In October 2022, board members Dato Seri Setia Haji Abdul Manaf bin Haji Metussin and Junaidi bin Haji Masri were replaced on the board, and then in May 2023, four other members of the board stepped down following the company revealing its losses in 2022. Just under a year later, in February 2024, two more members of the board of directors, Edward Averrill Ng Yong Sheng and Lai Nge Kong, also resigned.
Per the company’s website as of 15 October, it has three directors: Andrew Kwan, Dato Seri Paduka Haji Khairuddin bin Haji Abd Hamid, and Eric Tsang.
