Cooke completes payment for Fripur acquisition
2016-11-21 15:36:03   copyfrom:    hits:

Processing plant (Photo: Fripur FIS)URUGUAYFriday, November 18, 2016,22:40 (GMT + 9)Canadian companyCooke Aquacultureh
 

Processing plant. (Photo: Fripur/FIS)

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Friday, November 18, 2016, 22:40 (GMT + 9)

 

Canadian company Cooke Aquaculture has completed payment for the block purchase of fishing firm Fripur after depositing around USD 13.5 million.

In this way, it has already paid the nearly USD 17 million that it had committed to deliver for the assets of the Uruguayan company.

The payment made favours the progress of the ownership process and in the distribution to Fripur’s creditors. In the case of the former workers of the company, they would collect about 55 per cent of what is owed to them for work credits, the attorney for the union, Francisco Cobas, told El Observador.

Last week, workers in the cooperative that was set up after the bankruptcy of fishing firm Eco-Fripur filed a complaint with a court in which they claimed the nullity of the insolvency proceedings that awarded the shares to the Canadian multinational firm, for breach of payment terms. Until that time, the company had only paid USD 3.8 million.

Cooke Seafood USA Inc., the subsidiary of Cooke Aquaculture Inc., which last December was allocated the sale of 100 per cent of Fripur's assets has yet to offer the details of its plans for operations in Uruguay.

Cooke Seafood USA Inc. owns Wanchese Fish Company, a company engaged in fishing, processing and distribution of a wide variety of seafood. The firm operates in the United States, Europe and Argentina, and has commercial offices in France.

 

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