Fish processing plant belonging to Fripur. (Photo: Fripur)

Fripur to be sold on 10 December

On 10 December the sale of the bloc Frigorifico Pesquero de Uruguay (Fripur) will be submitted for tender, an operation for which a floor price equivalent to USD 15 million has been set.

The offers to participate in the tender may be submitted until that day, at a sealed envelope.

As reported by the weekly publication Busqueda, partners of the firm Estudio Rueda Abadi y Pereira, in charge of the liquidation, entered into agreements with mortgage banks and secured creditors -- the banks Republica, Santander and Prevision Social --, in order to avoid "further and possible claims and assure the future purchaser that the tender offer is performed free from bidding liabilities and charges."

The National Directorate of Aquatic Resources (DINARA) also participated in this process to ensure the purchaser will have access to all fishing permits available to Fripur until its closing date, in mid-August this year.

Fripur’s assets to be sold include real estate, boats, vehicles, equipment, warehouse inventory, trademarks and shareholding in the Argentine company Grinfin SA.

The specifications for bidding detail that "this offer will specially value the bid that includes hiring of the highest number of workers indicated above as well as the highest value of the wages to be paid to these workers taken as a whole."

The trustees are confident that the tender will have a high call, since they consider that it is "an excellent business option."

Founded in 1976, Fripur became the largest fishing company in Uruguay, but in July last year it filed a voluntary creditors’ meeting, after being beset by debt and serious financial problems.

The company had a workforce of 960 employees and carried on a debt amounting to about USD 70 million when it closed.

Related articles:

- Fripur faces foreseeable closure due to financial issues accumulation
- Fripur requests voluntary creditors’ meeting 

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