Fripur plant. (Photo: Fripur)

Fripur’s ex-employees request nullity of insolvency proceedings

Fishing firm Fripur’s former workers presented a note at a Creditors’ Meeting Court in which they claim the nullity of the insolvency process allocating the company assets to the multinational firm Cooke Aquaculture.

Cooke Aquaculture was expected to pay USD 15 million, but so far it has only deposited USD 3.8 million. The workers that are members of the cooperative that was formed after the bankruptcy of the fishing firm, Eco-Fripur, argue that the multinational firm has not met the payment terms and that, therefore, the process is null.

Likewise, the former workers question the adjudication/liquidation mechanisms used by a judge and by the trustees in charge of carrying out the Insolvency Act of Ex Fripur.

They denounce that "the deposited money should have been used to pay them their labour credits and not to grant shares to the multinational firm, since the insolvency regulations provides that the payment must be made in full and that the assets must be delivered in full, without divisions", reported la diaria.

Fripur’s former workers were dismissed on April 30, and claim that they have not yet received their redundancy money or the rest of the work credit owed.

Other concern they have expressed is "the movement of the fleet belonging to the insolvency mass within the port area and in coordination with the ANP (National Administration of Ports) at the request of a representative of the Canadian company, as the full payment, deed or delivery of the asset has taken place.

Eco-Fripur’s representatives met last week with members of the Frente Amplio group, asking them to form a parliamentary surveillance commission for the Fripur situation.

In particular, the cooperative wants the actions of Banco Republica to be investigated in relation to the loans granted to Fripur and the judicial decisions that were taken as a result of the concordat action requested by the company.

According to what la diaria reported, the workers also asked lawmakers to support their request for extension of unemployment insurance.

Related articles:

- Cooke Seafood USA offers bid for Fripur
- 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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