Barramundi farmer reaches deal with creditor over restructuring plan

Financially troubled fish farmer Barramundi Group Ltd today announced that it has reached an agreement with its principal secured creditor, United Overseas Bank Limited (UOB), on the main terms of a proposed restructuring of the company's debt with UOB.

The details of the arrangement are currently being documented in a proposed Pre-packaged Scheme of Arrangement, the implementation of which is subject to approval of the High Court of Singapore.

As part of the process, Barramundi Group has filed an application to the court for an extension of a Moratorium Order until July 11, 2025. The order, which will prevents the company being wound up, or having a receiver or manager appointed over any of its property or undertaking, is due to expire on May 11, 2025.

Barramundi Group has struggled financially and with disease at marine pens in Singapore. In 2023, its Australian division, MPA, which produced most of its fish, was placed in administration then bought by Tassal, a subsidiary of Canadian seafood heavyweight Cooke, Inc.