Land-based food fish farmer at risk of bankruptcy
Payment delays from a "significant" customer are weakening the liquidity of Finnish fish farmer Fifax. Continued operations may be at risk, and the company may have to file for debt negotiation, bankruptcy or other insolvency proceedings.
The company says it is now considering further measures to strengthen liquidity and financial position.
What is described as a “significant customer” is one that currently receives all of the company’s fish deliveries. They have recently failed to meet their agreed payment obligations.
"This has led to a significant amount of overdue receivables and a significant weakening of the company's liquidity. The company is continuing negotiations with the customer to obtain payment of the overdue receivables," it says.
The company also says it continues to explore options to strengthen its liquidity and financial position, including additional financing arrangements and cash management measures, to meet its short-term financial obligations and continue operations.
If the company does not receive payments from its significant customer and is unsuccessful in securing additional financing in the short term, continued operations may be at risk, and the company may be forced to file for debt negotiation, bankruptcy or other insolvency proceedings.
