TANGO Seaweed is Filing for Bankruptcy
After several months and intense efforts to refinance the company, the Board of Directors has now had to file for bankruptcy.
Our goal was to be able to finance an interim phase with reduced operations, during which we wanted to re-structure the company and build a new investment case, based on the past 7 years of experience with seaweed cultivation for food.
While we did succeed in raising enough funds and overall support for this purpose – mostly from existing shareholders, but also through a public fundraiser ‘SPLEIS’ and our bank DNB who was willing to give us the necessary breathing space we needed by adjusting the loan agreement – unfortunately, some of our loans could not be extended.
As a company, we are extremely grateful for all support we have received to date! Not least during the past few months, many of you expressed your conviction about the important role TANGO has played in the developing seaweed industry and the willingness to help us transition into a new phase.
Shareholders, employees and volunteers, partners at home and internationally, customers and suppliers, and many other supporters beyond have been part of TANGO’s pioneering journey toward seaweed production according to nature’s principles. Your diverse contributions have made it possible for us to get as far as we did. Thank you!
We are both sad and disappointed that we are not able to continue at this point, but we have reason to believe that our contribution to the developing seaweed sector has not been in vain. Seaweed as a food source for the future and many other applications is here to stay. The emerging seaweed sector still has a long way to go, and we will be following its development.
We hope to be able to invite you to a final Open Day in Haugsbygda to say farewell, and we will send out information once we have been assigned a trustee in bankruptcy.
Wernik Hauge
Mob: +47 90610682
wernik@he.no
