Faroe Origin announces restructuring with new firms Skipafelag 1 and Royður in Faroe Islands

Faroe Origin, a company based in Runavík, has announced its restructuring by transferring its assets and debts to two new firms: Skipafelag 1 in Syðrugøtu and Royður in Fuglafjørður. This information was provided in a separation announcement from the Register of Companies.

Bogi Jacobsen is appointed as the manager of Skipafelag 1, while Anfinnur Olsen will manage Royður. Each company has a share capital of 500,000 Danish kroner. The purpose of both entities is to operate within the fishing industry and related activities.

The independent auditor for Faroe Origin reported last year that the company’s equity has turned negative, casting significant uncertainty over its continued operation. The company itself stated that it must be divided, leaving it with only two remaining fishing facilities. The vessels and their debts will be assigned to the new companies.

This restructuring is intended to restore Faroe Origin’s equity, according to the company’s statement.