Ventisqueros has refinanced its liabilities with four creditor banks. (Photo: Stock File)

Salmon firm Ventisqueros refinances its debt

CHILE
Wednesday, March 17, 2010, 02:10 (GMT + 9)

The salmon farming firm Ventisqueros SA reached an agreement with its four creditor banks – Rabobank, BCI, Security and Santander – to refinance its liabilities.

This past 27 January, the agreement was sealed, implying the renegotiation of resources worth USD 42 million, including a small line of working capital that will allow the company to invest in the sector's current reconversion process.

The new pact with the bank includes a period of seven years: two and a half years of grace and a term of four and a half years to settle the debt, at a competitive interest rate.

The official nexus between Ventisqueros and the four banks is technical inspector Alexander Pizarro Brante.

In addition, the availability of the shares of the company as collateral was confirmed, as was the capitalisation and contribution of fresh capital furnished by its German majority partner.

“This is a very positive sign that demonstrates the interest, support and confidence of our majority partner for the path undertaken by the company to overcome the difficulties that the industry has lived through as of late,” said the president of the board of Ventisqueros, Marcos Bruguera.

Bruguera assumed the role in Q2 2009 to lead a process of modernisation of the group of investments of which Ventisqueros forms a part, thanks to his experience in restructuring companies, Diario Financiero reports.

Ventisqueros now joins the following salmon farmings companies that have signed agreements with their creditors over the last year: Multiexport Foods SA, Cultivos Marinos Chiloe, AquaChile, Camanchaca, Trusal, Salmones Pacific Star and Salmones Friosur.

Related articles:

- Another two companies restructure debt
- The banks appoint technical inspectors to salmon firms

By Analia Murias
[email protected]
www.seafood.media

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