Barramundi Group Ltd. (“the Company”) (EURONEXT: BARRA) – Reference is made to the stock exchange notice dated 6 September 2024 regarding the Company’s restructuring efforts.
The Company is now entering reconstruction.
The Company has, on 11 October 2024, made an application to the High Court of the Republic of Singapore under section 64 of the Insolvency, Restructuring and Dissolution Act 2018 (“IRDA”) for a Moratorium Order.
Under the Moratorium Order, the following key reliefs applied for are:
- no resolution for the winding up of the Company shall be passed;
- no receiver or manager shall be appointed over any property or undertaking of the Company;
- no execution, distress or other legal process against any property of the Company shall be commenced, continued, or levied, except with the leave of the Court and subject to such terms as the Court imposes; and
- no enforcement of any security over any property of the Company, or repossession of any goods held by the Company under any chattels leasing agreement, hire-purchase agreement or retention of title agreement, shall be taken, except with the leave of the Court and subject to such terms as the Court imposes.
The Company requires the reliefs provided by the Moratorium Order to protect it from creditor enforcement action, while giving it breathing space to carry on negotiations for a restructuring and compromise of its debts with its creditors.
In support of the above Moratorium Order and ongoing restructuring, the Company has obtained a bridging loan of SGD 400,000 from a shareholder. The loan will aid the Company with operational runway into the Moratorium Order and finalisation of the restructuring plans.
The Company has applied for a six-month moratorium. Updates will be provided as the restructuring process progresses.
This announcement was earlier released on the stock exchange on 11 October 2024.
For media and investor inquiries, please contact:
James Kwan Chief Executive Officer Barramundi Group Telephone: +65 6261 0010 Email: investors@barramundi.com
Vanessa Tan Chief Financial Officer Barramundi Group Telephone: +65 6261 0010 Email: investors@barramundi.com