After suffering substantial losses from diseases, Norway-based Codfarmers said Monday it will divest subsidiaries and reduce its planned juvenile release.
Codfarmers has suffered substantial losses as fish being ready for harvesting at two locations in More, Norway, have been hit by diseases. In combination with low cod prices, this has caused "a difficult liquidity position" and a loss of around NOK 25 million (€3.4 million/$4.4 million).
Downscaling of operations, restructuring of debt and sale of assets will reduce the company's cost base to a level where the largest shareholders may be willing to contribute to the financing, it said.
The
