Codfarmers unable to make Nov. 30 payments on 15% unsecured bond issue

By Caroline Salls

Pittsburgh, Nov. 28 - Codfarmers ASA is not in a position to make installment and interest payments due Nov. 30 on its NOK 100 million 15% senior unsecured convertible bond issue 2007/2011, according to a notice to bondholders from trustee Norsk Tillitsmann ASA.

The trustee said Codfarmers informed it that "the liquidity position of the company is difficult."

Norsk Tillitsmann said it will meet with the company to follow up on the situation.

The issuer is an Oslo-based cod farming company.

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