Ricardo Purcell, CEO of Cultivos Marinos Chiloé. (Photo: Marine Farming Chiloe/ FIS)
Aquaculture company confirms failed sale to Cermaq
Friday, August 17, 2012, 23:30 (GMT + 9)
Cultivos Marinos Chiloé general manager, Ricardo Purcell, confirmed Superintendencia de Valores y Seguros (SVS) through an essential fact that the negotiations with Cermaq ASA to sell the company were not successful.
"The parties failed to reach an agreement so such talks were unsuccessful," points out the statement signed by the entrepreneur.
Therefore, Cultivos Marinos Chiloé confirms what was announced by Cermaq owners this week.
Given the failure to perform the sale, the Chilean company situation is further complicated because it does not have enough capital to operate for long without being in default, Diario Financiero reported.
Some sources familiar with the negotiations indicated that Cermaq's offer -- which operates in Chile through its subsidiary Mainstream-- would have been for the value of the financial debt of Cultivos Marinos Chiloé, that is to say, between USD 100 million and USD 110 million.
Meanwhile, the company Cultivos had proposed banking the full payment of the debt in exchange for its reduction in order to obtain a 'cut' of between USD 30 million and USD 40 million. But the banks did not accept the proposal.
The option was for Cultivos to be sold and then the financial entities would hold talks with Cermaq to restructure the debt of the Chilean company, an alternative solution the owners of Cultivos refused to accept.
Meanwhile, the company must also face a difficult situation, since salmon prices in the world market are low and they are not expected to improve until 2013.
Cultivos Marinos Chiloé recorded exports worth USD 56 million in the first half of the year, which ranks it in 14th position among salmon exporters locally.
Mainstream Chile stood at the second position, with shipments for USD 118 million.
Industry sources indicated that Cultivos Marinos is negotiating its sale to a group that does not operate in the salmon industry, Estrategia reported.
- No agreement reached by Cermaq to buy Cultivos Marinos Chiloé
By Analia Murias