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Cod hatchery bankruptcy notice withdrawn

Thursday, March 13, 2003

The bankruptcy notice on Cod Culture of Norway (CNN) has been withdrawn. According to a report by Terje Engø, of FIS Europe, minor shareholders have accepted an offer from the largest shareholder, Nutreco. The second largest shareholder Kollsnes Aqua AS has agreed to sell its shares. Nutreco, which holds 56 percent of the company, will now acquire total control of Norway's largest cod hatchery.

According to the Nutreco's managing director, Reid Hole, CNN's financial woes were due to a fall in the price of cod fry.

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