Atlantic Sapphire has entered into a restructuring agreement with a group of major shareholders and convertible loan holders aimed at securing long-term financing, reducing debt, and taking the land-based salmon farmer private.
The investor group includes Nordlaks Holding, Condire Management, Nokomis Capital, Strawberry Capital, and Joh. Johannsson Eiendom. Together, the group represents around 63% of Atlantic Sapphire’s shares and 93% of its outstanding convertible loan.
The transaction includes a voluntary offer of NOK 0.80 (€0.07) per share, followed by a planned squeeze-out of minority shareholders and a delisting from Euronext Oslo Børs.
The refinancing package is expected to provide at least USD 20 million in new liquidity through a combination of equity injections and a previously announced bridge loan.
The restructuring also includes a 23% write-down of convertible debt for lenders electing to convert holdings into new shares at NOK 0.10 (€0.009) per share. The company said the move would significantly strengthen the balance sheet by reducing overall indebtedness and increasing equity.
Atlantic Sapphire said former shareholders accepting the voluntary offer would later be given the opportunity to participate in a private placement raising up to USD 5.85 million, provided they repurchase shares sold under the offer.
The company said it had explored alternative financing structures, including a rights issue, but concluded that no feasible alternatives were available.
Atlantic Sapphire previously disclosed funding requirements of USD 25–30 million and warned earlier this year that failure to secure financing could trigger technical defaults under lending agreements.
The company said the board believed the restructuring offered minority shareholders a better outcome than a broader insolvency scenario, while also preserving operations and protecting creditor recovery prospects.