Acuinova salmon farm. (Photo: Pescanova)

Acuinova intends to sell Nova Austral

CHILE
Tuesday, July 22, 2014, 22:00 (GMT + 9)

The sale of Nova Austral is one of the alternatives considered by Acuinova managers for the company, which was declared bankrupt earlier this year, to be able to continue to operate without the help of funding. Another option to obtain resources would be the anticipated sale of its harvests.

Acuinova is PescaChile’s salmon subsidiary, which in turn is a subsidiary of the Galician multinational firm Pescanova.

The maximum term set for selling Acuinova is September.

According to recent reports, Nova Austral would be acquired by Ewos, a Norwegian supplier of feed for salmon.

Nova Austral has a total of 28 concessions granted in Region XII, a zone of good sanitary conditions.

With respect to the anticipated sale of the harvest, it is estimated that it would make it possible to receive the necessary resources to continue feeding them, the newspaper El Mercurio reported.

Sources that are familiar with the process, the company should continue to operate in the usual way until September, and then the meeting of creditors will have to decide whether or not the continuity of money transfer is extended. In that case, it would be considered if there is a buyer for the firm.

In the local fishing industry it is said that one of the main stakeholders in this company is Cupquelán.

On 17 June the first ordinary meeting of creditors of Acuinova took place and it was agreed the sale would begin.

The trustee in charge of the bankruptcy, Mariclara González, explained that the sale of assets belonging to Acuinova was decided, including 100 per cent of the shares of Nova Austral.

Meanwhile, the set maximum deadline for the sale of both companies was by 30 September, 2014.

Besides, on 27 June creditors approved LarrainVial and Landmark as financial advisors, and 6 July it was approved the workers’ trial would come to an end early.

The Chilean assets stopped computing in the balance sheet of Pescanova in May 2013, a month after the Galician multinational firm was filed for insolvency act.

The efforts made by the group in recent months to prevent Chilean receivers from selling its most valuable subsidiary ultimately failed.

As a result, the permanent loss of its fishing subsidiary PescaChile could not be prevented as well as that of the two salmon farming plants connected to it -- Acuinova and Nova Austral.

Related articles:

- Ewos to buy salmon firm Nova Austral
- Free way to sell Acuinova and Nova Austral

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

Print