New Brunswick-based aquaculture company Gray Aqua has filed for bankruptcy protection, owing nearly $40 million to creditors.
Documents obtained by the Telegram newspaper show the company filed for bankruptcy on Aug. 21, owing money to dozens of creditors, including $24.9 million to bank HSBC .
Gray Aqua was hit with three separate cases of infectious salmon anemia (ISA) over the past year, resulting in culls of more than a million fish ordered by the Canadian Food Inspection Agency.
“They lost three of their farm sites due to ISA, and there’s some public compensation for that, but it’s never enough to recover, or hasn’t been for them,” Cyr Couturier, executive director of the Newfoundland Aquaculture Industry Association, told the Telegram.
