Embattled Chilean salmon farmer Nova Austral said it is unable to guarantee discussions with creditors will be successful as executives try to avoid the company being swallowed up by a growing debt crisis.

Nova Austral, backed by private equity giant Altor, has been in talks to financially restructure the company with secured lenders and bond holders as it tries to address its working capital needs.

"The company will seek to continue the discussions with its creditors to find a consensual solution, but there is no certainty that such discussions will be successful," Nova Austral said in an update to the market on Saturday.