Grupo Tinamenor, a Spanish producer of bass and bream, has entered voluntary bankruptcy in the hopes that the decision will serve to restructure the company and preserve the jobs of the 148 workers currently in the company’s employ.
“We are a team of 148 and 148 will move forward," remarked Gustavo Larrazabal, president of Tinamenor, in a statement cited by El Diario Montanes regarding the filing.
The economic crisis that has gripped the aquaculture sector for the past seven years – and has subsequently halved it – as well as the “rather fragmented” competition that has since unfurled – with Greek farmers holding an “irrational” position in the competitive sphere and thus deteriorating market prices – were some of the reasons identified by Tinamenor as driving forces behind its decision to enter bankruptcy.
Tinamenor’s filing was also influenced by a compromised business development venture in the Canary Islands and Cantabria involving “very significant” investments, wherein the resulting facilities were ultimately underused, according to El Diario Montanes.
"A successful expansion plan under normal conditions was compromised by the delay of permits to grow and with the advent of the crisis," said Larrazabal of the incident.
However, despite such struggles, Tinamenor reported an increase in the company’s results of 32 percent last year, to EUR 21.4 million (USD 23.4 million). Furthermore, operating results have continued to trend positively in contrast to the losses incurred over previous years.
The company will work on its "problem of balance," which arose from growth and investments made during the crisis, noted Larrazabal.
