Project Sea Dragon - Case Update

Seafarms Group, the parent of Project Sea Dragon, has announced to the market that it is “business as usual” at the Northern Territory prawn project after the Federal Court ruled to set aside a DOCA for company.

Seafarms Group has indicated the companies intend to appeal the decision, maintaining that Project Sea Dragon has met its debt to Canstruct and “is solvent because it is paying all of its debts as and when they fall due”. The companies will be seeking a further stay of the order until the appeal is heard.

Read the announcement here.