ASingapore court has granted Barramundi Group’s requested orders, giving it the go-ahead to begin its restructuring efforts.

The approval comes just over two weeks after secured and unsecured creditors of the company greenlit a restructuring plan the company settled on in April 2025. Barramundi Group settled on the main terms of a debt restructuring agreement with its principal creditor United Overseas Bank after first announcing its plan in September 2024.

The court approval, issued by Justice Aidan Xu @ Aedit Abdullah on 14 July, includes the approval of an extension on a moratorium order preventing the company from entering receivership.

That order, issued in October 2024, falls under Singapore’s Insolvency, Restructuring, and Dissolution Act and gives the company a period of time where no receiver or manager can be appointed over any property or undertaking by the company; no execution, distress, or other legal processes against Barramundi Group can be started, continued, or levied except with permission and terms from the court; and no enforcement of any security or repossession of any goods and property held by Barramundi Group can be taken, except with leave of the court.

The approval also effectively approves the restructuring scheme reached between the company and its creditors. Under the scheme, Barramundi Group will issue a private placement of new shares in the company, raise money via convertible shareholders’ loans, and restructure its debt into new shares of the company.

The restructuring plan is the result of a multi-month saga which saw Barramundi Group placed on the Oslo Børs penalty bench over one year ago after failing to report its 2023 financial results in a timely manner. Previous to that, two of Barramundi Group’s directors, Edward Averrill Ng Yong Sheng and Lai Nge Kong, resigned in February 2024.

Evem before that, the group posted poor results in 2023 that led to four members of the company's board stepping down in May 2023.

“Further updates will be provided as the restructuring process progresses,” Barramundi Group said.

Source - https://www.seafoodsource.com