Mikael Lade Roenes, the troubled co-founder of a Norwegian cod farmer and developer of a proposed salmon farming operation in Maine, was able to fend off a bankruptcy petition in an Oslo court with moments to spare after reaching a deal with salmon farming billionaire Helga Gaso at the last minute.

Gaso filed the petition against Roenes after repeatedly alleging Roenes' company, Global AS, owed him a NOK 26 million ($2.6 million/€2.4 million) loan repayment.

A district court judge in Adger, Norway, was about to consider the bankruptcy when the petition was drawn by Gaso's attorney, who received a phone call of the settlement moments earlier, according to IntraFish sister publication DN.