Gray Aqua Files for Bankruptcy Protection29 August 2013
CANADA - Multiple outbreaks of infectious salmon anemia (ISA) and a big repayment to Corey Nutrition have led to Gray Aqua filing for bankruptcy protection.
Recent ISA outbreaks led to the company having millions of dollars worth of fish being destroyed and the courts have also ordered Gray Aqua to repay Corey Nutrition just under C$650,000 that it owes for fish feed supplied to its farms in Newfoundland, reports CBC.
Fisheries and Aquaculture Minister Derrick Dalley also said it's not clear at this point what will happen to Newfoundland and Labrador's C$3.8 million equity share in the Gray Aqua Group given that the company has now filed for bankruptcy protection.
Mr Dalley said the company will go through a standard 30-day restructuring process, after which it will be more clear what will happen with the company — and the province's equity investment.
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