Proximar Seafood Expects to Run Out of Cash by October-end, Misses Interest Payment Deadline

06:20 AM EDT, 10/27/2026 (MT Newswires) -- Proximar Seafood (PROXI.OL) expects to run out of available cash by October-end after lower-than-expected revenue and changes to sales payment terms significantly weakened cash flow. The Norwegian seafood company said Tuesday it needs 50 million Norwegian kroner to 70 million kroner to fund operations through 2027 and is discussing funding options with major stakeholders. Meanwhile, banks are working to extend the repayment deadline for an 8.8 billion Japanese yen loan extended to Proximar's Japanese unit to August 2027 from November 2026. Proximar has also missed an interest payment on its 40 million-kroner convertible bond and plans to freeze all interest-bearing debt, while a strategic review is expected to continue into 2027. The company noted that the process is not certain to lead to a transaction.