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Friday, 26.04.2024, 09:13
Legal protection process started for Latvian fish cannery Tin Fish
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The legal protection process for Tin Fish was started at the beginning of April, the Jurmala Court informed LETA. The legal protection plan is to be drawn up by and harmonized with the company's creditors by June 7.
"We sell 90% of our canned sprats in Russia, but the sales in Russia by our cooperation partner have come to a halt due to the complicated situation in Ukraine and the fall in the ruble and hryvnia values. In order to save the company from bankruptcy and avoid layoffs, we had to take the necessary steps and start the legal protection process," said Kohs.
New markets are being sought for the company's products in Northern Europe at the moment, said Kohs.
"However, this is very complicated as everybody is having problems and fish canneries are looking for new opportunities in France, Germany, Denmark and elsewhere. Given the complicated situation, prices are being cut as the companies strive to win over clients," said Kohs.
He also said that construction of a new fish processing facility in Pavilosta has been suspended, it could resume only in 2014. So far, approximately EUR 7 million has been invested in the new facility. The new plant was supposed to launch operations this year, making canned sprats that would mostly be exported to Russia.
"If the developments are favorable to us and we do find new sales markets, we could resume operations in Roja once the situation in Russia normalizes and our cooperation partners resume accepting shipments. The Pavilosta project has been put on hold," said Kohs.
According to "Firmas.lv" data, Tin Fish posted EUR 3.895 million in turnover in 2013, a 2% increase on 2012. The company's losses amounted to EUR 10,527 last year, compared to a profit of EUR 35,445 in 2012. The company was established in August 2009, its share capital is EUR 142,288.
Anete Tutane holds 97.68% of the company's shares. Russian citizens Sergei Zhurba and Marina Bogdanova have 0.66% of Tin Fish shares each, and Inese Koha has 1%.
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