The creditors of struggling Chilean salmon farmer Nova Austral have finally approved a restructuring plan for the company, which it has been attempting to finalize ever since June 2023 when its first attempt at doing so failed.
After that failed restructuring attempt, Norwegian-owned Nova Austral – reportedly more than USD 550 million (EUR 506 million) in debt – went back to the drawing board to present an updated reorganization plan, only to have that rejected in December 2023 following six postponements from creditors.
The company’s third reorganization proposal has now been accepted, ensuring operational continuity for the struggling firm.
“Nova Austral appreciates that the judicial reorganization process has culminated in a positive way with an agreement between the parties, which restructures debt and transfers the ownership of the company to the main creditors,” the company said in a 17 January statement sent to SeafoodSource.
Nova Austral’s three largest creditors are Nordic Trustee, which has invested USD 415 million (EUR 382 million) in the company, followed by DNB Bank at USD 69 million (EUR 63 million), and Skretting at USD 23 million (EUR 21 million).
Under the agreement – reportedly approved by 92 percent of creditors and 86 percent of preferred creditors – Nova Austral’s controlling investment fund Altor will ...
Photo courtesy of Nova Austral
