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Pan Fish ASA - Ruling in the Haukaa case

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Gulating Court decided on 25 August 2006 to uphold the decision from Fjordane County Court in the lawsuit between Haukaa Settefisk and Pan Fish Norway regarding default on tenancy agreement for hatchery facilities.
Haukaa Settefisk shall according to the ruling from the Court pay an amount of NOK 16 million to Pan Fish. The Court also upheld the bankruptcy order from Fjordane County Court towards Haukaa Settefisk. Pan Fish, which has pledged the fish in the facility, is based on the values possessed by the bankruptcy estate of the opinion that a substantial part of the ruled amount can be expected.
The result- and cash effect for Pan Fish will be equivalent to the proceeds which are received at the closure of the bankruptcy proceedings, up to NOK 16 million. Haukaa Settefisk has a deadline of one month to appeal the ruling and the bankruptcy order before the Supreme Court.

Published date: 03 Dec 2007