Purecod in midst of bankruptcy proceedings as company looks for new ownership
Purecod has entered bankruptcy proceedings and is in the middle of a major restructuring, according to the company’s CEO, Eirik Jørs.
Founded in 2020, Sykkylven, Norway-based Purecod was granted a permit to farm a maximum of 3,120 metric tons standing biomass of Atlantic cod at sea in closed pens at Røneset, Storfjorden, Norway from the Møre and Romsdal county municipality in March 2022. Its permits remain active, though the company never began farming fish.
Now, the company is four weeks into the first phase of what Jørs described as a two-step bankruptcy process.
“We are exploring a legal process in Norway that allows for the possibility of regaining control of the estate contingent on achieving agreements with the company’s creditors," Jørs told SeafoodSource. "We are also actively working on finalizing changes in ownership, a process that has been in progress for some time and continues to develop. Ongoing changes in ownership are expected to significantly strengthen the company through the new shareholder structure. The ball is moving. We are working to try and resolve the issues and we are in the midst of that process.”
Jørs blamed Purecod’s financial difficulty on the ...
Photo courtesy of American Aquafarms