The creditors of Chilean salmon farmer Nova Austral have approved a restructuring plan aimed at preventing liquidation of the company, according to local media reports.

On Jan.17, all parties reached an agreement to restructure the company's debt and transfer ownership of the company to its main creditors.

The two largest creditors are bondholders, a group that includes a British fund that bought the securities of Moneda Asset Management and the office of the Solari Donaggio family, which held around 75 percent of the debt.