Gutiérrez, Waugh, Jimeno & Asenjo Abogados has helped
Chilean salmon farmer Cultivos Yadrán restructure a US$50
million syndicated loan by changing the debt's terms and making
its fish food supplier a creditor.
Morales & Besa advised the lenders, while Cultivos
Yadrán's fish food supplier, Vitapro, turned to
Carey. The deal closed on 6 June.
Cultivos Yadrán originally obtained the loan to fund a
fish food supply deal with Vitapro, Alicorp Perú's
Chilean fish food subsidiary. However, after running into payment
difficulties, Cultivos Yadrán agreed to extend the term of
the fish food supply agreement and accepted changes to the
loan's interest rate. Vitapro became an equal party to the
syndicated loan agreement, acquiring 40 per cent of the credits and
gaining access to the existing collateral package granted by the
Chilean salmon producers have struggled financially in recent
years, partly as a result of the ISA virus, which struck the
industry in 2009, wiping out 40 per cent of the country's
salmon stocks. The disease is highly infectious and considered a
major threat to the industry.
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