The Faroese whitefish processing company entered administration after it failed to attract new investment by a June 17 deadline, Maru Seafood CEO Johan Pall Joensen told IntraFish.
The assets of the company were taken over by the bank and will be sold off to repay debts.
Parent company Maru Seafood, one of the largest seafood processors in the country, faces an uphill struggle to refinance debt and avoid a similar fate.
Joensen said he “didn’t how it will end at the moment,” stressing the company was still in dialogue with banks.
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