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– We are very happy to collaborate with Nekkar to further develop Fiizk and position the company to seize the opportunities we see within the growing aquaculture industry. Nekkar’s expertise and experience complement us very well, said Bjørnar A. Ulstein in Bewi Invest in a message last week.
Bewi Invest is the investment company of the Bekken family from Frøya, who have made billions selling fish boxes and other packaging. The company’s largest owner was the Fiizk group before the restructuring.
Together with the listed company Nekkar and some smaller shareholders, they are now stepping in with a total of NOK 60 million and technology valued at NOK 25 million to restructure the Fiizk group and continue parts of the business. The transactions are expected to be completed in October.
Fiizk Norwegian supplier of products for the aquaculture industry, mainly closed cages, lice skirts and freshwater pools Also sells various software solutions for salmon farming Has headquarters in Trondheim, and production in various places in Norway such as Bergen and Bjugn Has in recent years acquired several companies, such as Botngaard, NWP and EcomerdenAfter the restructuring in August, Bewi Invest and Nekkar are the main owners, with 41 and 39 per cent respectively. The transaction is expected to be completed in October 2023. The group’s turnover was NOK 337 million. The number of employees after the restructuring will be around 90 people.
Fiizk has its head office in Trondheim, and branches in several places in the country. The main products are products such as louse skirts and semi-closed cages for salmon farmers.
Competition
On Monday this week, bankruptcy was opened in five of the old companies, including the former top company Fiizk Holding.
In total, the boards of the companies reported a debt of NOK 501 million when bankruptcy was opened, while according to DN’s compilation, assets were reported to be valued at NOK 93 million.
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The trustee in all five bankruptcies is lawyer and partner Nils Håkon Risberg at Simonsen Vogt Wiig in Trondheim.
– There is some group-internal debt, but the external debt is NOK 283.4 million. It is worth noting what the board itself has reported in, and before we have received receivables. The deadline for creditors to report what they believe they are entitled to is 2 October, says Risberg.
According to reports from Dun & Bradstreet, it was registered a total of 87 debt collection cases on the five companies to different suppliers.
In addition, the local bank, Ørland Sparebank, has a registered mortgage of NOK 100 million in some of the companies. Bank manager Joar Dyrendahl does not want to comment on the case, while trustee Risberg says that the bank has so far not filed any claims.
Breakdown, tax and purchase
Top CEO Torstein Rønning in Fiizk says there are three reasons for the restructuring that included the five bankruptcies.
The basic interest tax on salmon farming brought a halt to order intake The acquisition of the company Ecomerden led to surprisingly large challenges The breakdown of two closed cages in the Sognefjord had major economic consequences. The cage was insured, but the insurance settlement has not been clarified
– Overall, this made the companies in a very difficult situation, and we have been through a long process to obtain capital. In order to succeed in that, we had to do what we did, says Rønning.
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He regrets the consequences of the bankruptcies for all employees, suppliers, shareholders and other partners.
At most, the group had around 160 employees, while around 90 will continue to join. Most of those who do not join further, were already laid off.
However, five employees are losing their jobs now, as a result of the bankruptcy of the subsidiary Fiizk Operational Services, which took on assignments on farms. This business will not be continued.
Viewing transactions
As part of the restructuring, the offal from three of the now bankrupt companies was sold to the newly formed company Fizzk Topco. It is this company that is recapitalised and continues operations.
– These are of course transactions that we must look at as part of the estate management, says estate administrator Risberg.
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Gunnar Syvertsen is chairman of Bewi Invest, and was also chairman of the board in the old group structure. He does not want to answer questions from DN, but refers to the statements CEO Torstein Rønning has given.
Bewi Invest owned 45 percent of the old Fiizk, and will own 41 percent after the restructuring has been completed.
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2023-09-08 04:36:41
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