Fripur fish processing plant. (Photo Credit: Fripur)

Cooke Seafood USA offers bid for Fripur

The company Cooke Seafood USA Inc., a subsidiary of Canadian-owned group Cooke Aquaculture Inc., submitted an offer to acquire 100 per cent of the assets of Frigorifico Pesquero del Uruguay (Fripur).

This was announced by the firm Antarctica Advisors, which is acting as exclusive financial advisor to Cooke's investment in this transaction.

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

According to Antarctica Advisors, the offer of the company "complies with all the terms" of the specifications, including the deposit guarantee to maintain supply and a sustainable business plan from an economic point of view in the long run.

It was reported that the plan also envisages the gradual reincorporation of nearly a thousand workers of the fishing company that turned out to be the main one in Uruguay.

Fripur closed on 18 August due to "lack of liquidity". Up to June, it had accumulated a debt with the Uruguayan financial sector amounting to USD 42.3 million, according to the Central Credit Risk of the Central Bank.

The company had a workforce of 960 employees and carried out a total debt amounting to about USD 70 million when it stopped operations.

Cooke Seafood USA has hired advisors Irrazabal & Asociados and Antarctica Advisors to meet the formal requirements and in order to present an attractive proposal for all the involved parties.

In addition to the bid of Cooke to acquire Fripur, there was another one by a workers’ cooperative of the company.

Related articles:

- Fripur tender postponed due to presentation flaws
- Fripur to be sold on 10 December
- Fripur faces foreseeable closure due to financial issues accumulation
- Fripur requests voluntary creditors’ meeting

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