The High Court of the Republic of Singapore has granted Barramundi Group a three-month extension of its moratorium order, now effective until May 11, 2025, the Singapore-based aquaculture firm announced.
This extension, issued under section 64 of the Insolvency, Restructuring and Dissolution Act 2018, provides the farmer additional time to advance its financial restructuring efforts. Any further extensions will require court approval.
Barramundi Group has faced financial challenges in recent years. In 2023, the company placed its Australian farms into administration after abandoning ambitious expansion plans; these operations were subsequently sold to Tassal, a subsidiary of Cooke Aquaculture.
In September 2024, Barramundi Group initiated a financial restructuring program with the assistance of financial advisor KordaMentha. The company is currently focusing its investments in Brunei, establishing it as the center of operations with sea farming sites and a recirculating aquaculture system facility, Undercurrent News previously reported.
The recent court-approved extension aims to provide Barramundi Group with the necessary time to negotiate with creditors and stabilize its financial position.
Comments (0)
To view or post comments, simply
Already registered? Log in here:
Enter the email address associated with your account. We'll send you instructions to reset your password.
We’ve sent a link to to change your password.
Please check your inbox to reset your password securely and easily.