The Feinstein Group Takes Over Fresh Catch
March 4, 2014
The Fresh Catch Tilapia Farm in La Democracia will be going back into operation and the man at the helm will be developer Mike Feinstein. Feinstein told 7News that the deal was finalized last Friday and his group will bring everything back into operation and expects to be harvesting in about a year.
That's a dramatic change for the company that's been in receivership after the First Caribbean Bank foreclosed on it in 2010. That was under the Mena group. The Mena's had financing difficulty but still they were doing 4.3 million pounds of fish at their peak in 2008 - and Feinstein told us he is confident he can bring it back.
Feinstein says he will be rehabilitating the farm and within three to four weeks he will be importing fish and putting them back into the ponds.
And so what's the price? Well, Feinstein is sure to be getting it on the cheap at a distress price. At its inception, before expansion the farm was valued at 36 million Belize dollars and in 2011, the Mena's tried to bring it back with a 15 million dollar buyout form the bank, which was said to be a price of 38 cents on the dollar. That attempt failed.
Feinstein told us that pond rehabilitation started yesterday. The buyout is seen as a major shot in the arm for a fish farming industry that had died off.
See the original post here http://7newsbelize.com/sstory.php?nid=28076
