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#225771 - 01/05/07 11:14 PM Trouble at Nova – operations suspended
Marty Offline
Trouble at Nova – operations suspended

Reports to Amandala are that Nova Companies Belize Limited, touted as the country’s largest shrimp farm, formally suspended operations after the New Year due to an ongoing debt crisis and a possible foreclosure by the International Finance Corporation, a member of the World Bank group.

In July 1998, IFC loaned Nova, located at 12.5 miles on the Northern Highway, Ladyville, Belize District, US$6 million.

According to the IFC, the loan was intended “to strengthen shrimp farming as an industry.”

The total estimated cost of Nova’s expansion project for its Ladyville and Ambergris Caye development was US$15.2 million. It was supposed to triple the shrimp growing area and add an in-house hatchery to boost larva stock, and the profit margin was forecast to increase by 19%. The development was also supposed to create 85 new jobs. But things have not been going as well as projected.

Today, there are 550 jobs in limbo – 50 full time staff, along with roughly 250 farm workers and 250 processing workers, whose numbers fluctuate depending on the production volume.

Our sources say that the company has been grappling with its finances for years—a problem attributed to the devastation of the Taura Syndrome Virus, a deadly shrimp epidemic, as well as plummeting world prices, which have—incidentally—begun to look more promising.

The company continues to be haunted by accumulated debt, and has been negotiating with both bankers and prospective investors to try to save the company.

Unfortunately, since the suspension we have not been able to reach company officials for comment, and the head honcho we were referred to yesterday was “on vacation” by this evening. This evening we were told that he and a majority of the office staff were on “holiday” but would return next week.

Meanwhile, other top officials were reportedly in office but were unavailable to speak with us, we were told.

Nova has been one of Belize’s leading exporters of farmed shrimp. It was founded 17 years ago.

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#225786 - 01/06/07 01:10 AM Re: Trouble at Nova – operations suspended [Re: Marty]
tiptonic Offline
so there is a shrimp farm on Ambergris Caye? that would be interesting to check out, if they are in business when I get there.


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#225803 - 01/06/07 03:02 AM Re: Trouble at Nova – operations suspended [Re: tiptonic]
Marty Offline
here's some pics: http://belizephotographs.com/060417.html

it grows babies that are raised elsewhere

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#225816 - 01/06/07 08:10 AM Re: Trouble at Nova – operations suspended [Re: Marty]
DitchDocDiver Offline
Originally Posted By: Marty
here's some pics: http://belizephotographs.com/060417.html

it grows babies that are raised elsewhere


this link causes an error...
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#225817 - 01/06/07 10:13 AM Re: Trouble at Nova – operations suspended [Re: DitchDocDiver]
Marty Offline
uhhhhhh don't think so

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#225818 - 01/06/07 11:26 AM Re: Trouble at Nova – operations suspended [Re: Marty]
denverdan Offline
actually I also had a problem pulling the link up prior but it works fine now.

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#225831 - 01/06/07 03:49 PM Re: Trouble at Nova – operations suspended [Re: denverdan]
DitchDocDiver Offline
It causes a Java script error on my box, all three times I tried to view it. YMMV!
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#225835 - 01/06/07 04:04 PM Re: Trouble at Nova – operations suspended [Re: DitchDocDiver]
San Pedro Daily Offline
Works fine...your java is your problem

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#225848 - 01/06/07 06:05 PM Re: Trouble at Nova – operations suspended [Re: San Pedro Daily]
Amanda Syme Offline
The hatchery and the farm are 2 different stages in the "farming" process and are located in 2 completely different places. The hatchery is here on the island and the farm where the little guys grow is on the mainland.

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