A report to Bronnoysund Registers says bankruptcy proceedings were initiated for Branco, a western Norwegian cod production company.
The cod producer delivered red figures in its 2008 accounts, with loss of NOK 24 million (€2.8 million/$4.2 million) from a turnover of NOK 9.3 million (€1.1 million/$1.6 million).
In 2008, 173,000 cod escaped from a Branco farm, and 30 metric tons of Branco cod died in an incomprehensible manner last year.
Branco Chairman Jan Sjaastad told Sunnmorsposten there is no basis to continue operating.
