Near-term financing did not expand into a more comprehensive solution.
The administrator appointed in the corporate restructuring process of FIFAX Oyj (“Fifax” or the “Company”) has filed an application for the discontinuation of the restructuring process. In the administrator’s view, there are no prerequisites for continuing the restructuring, as the Company has not succeeded in securing sufficient financing to implement the restructuring process. The Company’s Board of Directors agrees with the administrator’s assessment.
Fifax’s Board of Directors has decided to surrender the Company’s assets to bankruptcy and will file a bankruptcy petition with the District Court of Åland without delay. The majority of the Company’s creditors support the procedure.
It is in the interest of Fifax, its creditors, and owners that the cultivated fish stock can be secured. The Company cooperates with authorities and the bankruptcy trustee and assists them in finding the best possible solution.
Making money with this has certainly not been easy for those who invested in it. At least Inderes’ recommendation has consistently been sell/reduce throughout its relatively short stock market journey.
