NORWAY: loan from government agency to ailing cod farming company

Sponfish ASA, a company active in cod farming in North Norway, obtained in June 2009 a loan amounting to NOK 40 million (USD 6.6 million) from Innovation Norway. The loan has first instalment of NOK 11 million is payable in January of 2011 and the balance, NOK 30 million, in October 2012.
Sponfish ASA has experienced, like other cod farming companies in Norway, serious financial difficulties in the past months.

Innovation Norway (Innovasjon Norge in Norwegian) is a state owned company that “promotes nationwide industrial development profitable to both the business economy and Norway’s national economy, and helps release the potential of different districts and regions by contributing towards innovation, internationalisation and promotion.”

Here is the link to a webpage (in Norwegian) of Sponfish ASA announcing the loan:


The financial report for the first quarter of 2009 can be dwonloaded from this page:

And here a link to a webpage in English presenting Innovation Norway:


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