IN BRIEF - Barramundi Group Ltd: Application for Moratorium Order
SINGAPORE
Wednesday, October 16, 2024
Barramundi Group Ltd. has entered reconstruction and applied for a Moratorium Order from the Singapore High Court under the Insolvency, Restructuring, and Dissolution Act (IRDA).
This order seeks to protect the company from actions such as liquidation, the appointment of receivers, or legal enforcement against its assets without court approval. The company aims to negotiate debt restructuring with creditors during this period. To support operations during this process, Barramundi Group has secured a bridging loan of SGD 400,000 from a shareholder. The moratorium is requested for six months, with updates to follow as the restructuring progresses.
Under the Moratorium Order, the following key reliefs applied for are:
no resolution for the winding up of the Company shall be passed;
no receiver or manager shall be appointed over any property or undertaking of the Company;
no execution, distress or other legal process against any property of the Company shall be commenced, continued, or levied, except with the leave of the Court and subject to such terms as the Court imposes; and
no enforcement of any security over any property of the Company, or repossession of any goods held by the Company under any chattels leasing agreement, hire-purchase agreement or retention of title agreement, shall be taken, except with the leave of the Court and subject to such terms as the Court imposes.
Recent advances in fishing operations largely aim to make the work easier for fishing professionals. AZTI and the University of Vigo stand out in this field with two projects focused on monitoring purse seine nets and reducing the effort involved in the albacore tuna season, respectively.
Every time a purse seiner heads out to fish, it risks returning to port with damaged gear because it lacks a system to monitor the entire net with sensors; the consequences can be even worse if that damage leads to an accident on board. To address this technological gap, AZTI has developed a new real-time monitoring system that reconstructs the geometry of purse seine nets as they are deployed in the water.
Source: Industrias Pesqueras | Read the full article here
Many Americans have been cautious as to where and what they spend their money on this year, but despite those economic concerns, sushi has maintained an impressive growth path.
“Like most food categories, we've navigated challenges related to inflation, shifting consumer spending patterns, and broader economic uncertainty, but sushi has remained remarkably resilient
That’s what Hissho Sushi, which operates 3,000 sushi locations nationwide in grocery stores, college campuses, hospitals, airports, and other foodservice environments, aims to offer.
Author: Christine Blank / SeafoodSource | Read the full article here
Europêche welcomed the constructive exchange with European Commissioner for Fisheries and Oceans Costas Kadis and the Cyprus Presidency of the Council of the EU, focusing on the urgent reforms needed to strengthen the competitiveness, resilience and long-term sustainability of Europe’s fishing sector. The meeting focused on the future of the Common Fisheries Policy (CFP), regulatory simplification, and the need to secure a sustainable and prosperous future for Europe’s fishing communities.
Marine ingredients organisation IFFO has announced the programme for its Annual Conference 2026, which is being held in Buenos Aires, Argentina, from October 19 to 21.
IFFO said the three-day conference will feature a comprehensive agenda covering key industry priorities, including navigating geopolitics, fishery management, responsible sourcing requirements and delivering deep market analyses from both a demand and supply perspective.
Source: fishfarmingexpert | Read the full article here
Fisheries Minister Luis Planas had convened representatives of the Spanish fishing sector to review progress on negotiations regarding the EU's multiannual financial framework—specifically concerning the European Maritime, Fisheries and Aquaculture Fund (EMFAF)—and aid to address the crisis triggered by US and Israeli attacks on Iran. However, the discussion ended up covering a wide range of topics: training, trade agreements, fishing quotas, Mediterranean regulations, and more.
Source: La Voz de Galicia | Read the full article here
Thailand has launched its first research project to farm Atlantic salmon domestically, with scientists using a recirculating aquaculture system (RAS) to assess whether commercial production is feasible in the tropical country.
The project is being led by the Faculty of Fisheries at Kasetsart University in partnership with PTT LNG. Researchers are studying salmon growth, nutrition and the economics of production to determine whether a domestic industry could be established.The first phase of the project began after 20,000 fertilised Atlantic salmon eggs were imported from Chile in early May.
Source: SalmonBusiness | Read the full article here
Salmon farming has become one of the world’s most successful aquaculture industries. It has provided large volumes of healthy protein, created employment in coastal regions and built a global market for farmed Atlantic salmon.
For many years, the main production model has been relatively simple: produce smolt on land, transfer the fish to sea cages and grow them to harvest size in the ocean. This model has been extremely effective. It has allowed the industry to scale up and in the right locations it remains a very efficient way to produce salmon.
Author: Ivar Warrer-Hansen / Fish Farmer | Read the full article here
The Ecuadorian shrimp industry, through theNational Chamber of Aquaculture (CNA) and the Sustainable Shrimp Partnership (SSP), has formalised an alliance with Conservation International Ecuador (CI-Ecuador) to strengthen mangrove conservation and restoration efforts, promote sustainable shrimp aquaculture, and contribute to the climate resilience of Ecuador’s coastal ecosystems and communities.Through this agreement, the organisations will establish a framework for collaboration and implement joint actions under the Mangroves for Climate initiative.
The German government scraps the heavy frigate project led by Rheinmetall and opts for TKMS's Meko frigates to modernize its Navy
The German government has decided to cancel the F126 heavy frigate program—valued at approximately €10 billion—after noting accumulated delays and rising project costs. The decision marks a significant setback for Rheinmetall, which was undertaking its first major foray into military shipbuilding following its acquisition of Naval Vessels Lürssen (NVL), and it reshapes Germany's industrial strategy regarding one of Europe's largest naval defense programs.
SINGAPORE
This order seeks to protect the company from actions such as liquidation, the appointment of receivers, or legal enforcement against its assets without court approval. The company aims to negotiate debt restructuring with creditors during this period. To support operations during this process, Barramundi Group has secured a bridging loan of SGD 400,000 from a shareholder. The moratorium is requested for six months, with updates to follow as the restructuring progresses.
JAPAN.png)
SPAIN
UNITED STATES.png)
Many Americans have been cautious as to where and what they spend their money on this year, but despite those economic concerns, sushi has maintained an impressive growth path.
EUROPEAN UNION
ARGENTINA
Marine ingredients organisation IFFO
Fisheries Minister Luis Planas had convened representatives of the Spanish fishing sector to review progress on negotiations regarding the EU's multiannual financial framework—specifically concerning the European Maritime, Fisheries and Aquaculture Fund (EMFAF)—and aid to address the crisis triggered by US and Israeli attacks on Iran. However, the discussion ended up covering a wide range of topics: training, trade agreements, fishing quotas, Mediterranean regulations, and more.
THAILAND
Thailand has launched its first research project to farm Atlantic salmon domestically, with scientists using a recirculating aquaculture system (RAS) to assess whether commercial production is feasible in the tropical country.
NORWAY
Salmon farming has become one of the world’s most successful aquaculture industries. It has provided large volumes of healthy protein, created employment in coastal regions and built a global market for farmed Atlantic salmon.
ECUADOR
The Ecuadorian shrimp industry, through the
GERMANY
The German government scraps the heavy frigate project led by Rheinmetall and opts for TKMS's Meko frigates to modernize its Navy
