Kaldvík’s temporary loan waiver ends today

Lenders have extended fish-farming company Kaldvík’s temporary waiver from certain loan terms through Monday, October 26, mbl.is reports. The company failed to meet liquidity requirements at the end of September after jellyfish caused damage to its fish farming in Reyðarfjörður.

The previous deadline was Sunday, October 25, but the lenders agreed to extend the waiver because banks were closed that day. Kaldvík said it expected to issue an announcement on Monday evening. The lenders’ notice did not say what would happen when the waiver expires or what options are under discussion.

On October 1, Kaldvík said it had failed to meet both a minimum liquidity requirement and a requirement relating to the amount it could draw on its revolving credit facility. The lenders granted a temporary waiver subject, among other things, to regular updates on the company’s farming operations and their financial impact.

The financing talks follow a jellyfish incident in Reyðarfjörður in September that affected the company’s production and financial position. On October 7, Kaldvík raised its estimate of additional mortality in the affected part of its 2025 cohort from 6.5 percentage points to about 11.5 percentage points.

The company said at the time that jellyfish numbers had fallen and conditions at its farming stations had returned to normal. Its harvest forecast for the year remained unchanged at about 17,000 tonnes.