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The truths they don't want you to read....

Tuesday, December 16, 2008

Lighthouse Caledonia (the end?)

According to Reuters....

The board of Norwegian salmon farming company Lighthouse Caledonia ASA froze payments to creditors due to constrained liquidity and asked for its shares to be suspended on the Oslo bourse on Tuesday.

The company, whose main operations are in Scotland, went through a restructuring phase in 2008.

"A recent reduction in credit terms from one key supplier -- with credit time being reduced from 90 to 30 days -- caused by the unresolved long-term financing of the company, has resulted in a constrained liquidity situation," it said in a statement.

Lighthouse Caledonia said it would maintain a close dialogue with lenders, owners, potential investors and its main suppliers to seek to resolve the situation.

At the company's request, the Oslo stock exchange suspended its shares until further notice.


Anonymous said...

Good Ridance!

Salmon is a costly (to the environment) product that has destroyed much. While the industry supported desperately needed jobs it was at great expense. Far too often the quotas for each fresh water loch were vastly exceeded and virtually unmonitored.

It will be sad to see jobs go from the islands but this does not negate the responsibilities of the SNP and all of their promises. The Islands should be supported and sustainable jobs created and yet we hear today that our poor prawn fishermen have little to look forward to in the new year!

The promise of online work has been destroyed by the ridiculous price of £450 for a 4mb broadband connection which is set by WIE.

So who exactly is fighting for the islands (present company excluded)?

Anonymous said...

Corruption , dishonesty and staggering incompetence has caught up with the LHC management team - it's the end all right and a sad end for some sites which were run for up to 30 years by good companies (McConnell Salmon / Marine Harvest) until this lot scuppered them.

Anonymous said...

£450 for a 4mb broadband. Outrageous.

I really think we need to see the down fall of the Third Reich (HIE)

Anonymous said...

Never mind we have all been saved by the Comhairle appointing Calum Iain MacIver as the new Head of Development.

Seems you achieve SFA in your job and you get promoted. Jobs for the boys again.

Anonymous said...

Woolworths the end....

AB pleading for Woolies really is a joke, as is Calum Iain being appointed head of Development - clearly his reign as Head of Economic Development over the last few years, has well, contributed to the stage we are at now.

However to be fair he was saddled with the doomed LWP project as the only goal. Maybe the Members, given the state we are now in, will now wise up and broaden their horizons and give CIM a bit more head room to develop the winning strategies that proved on Skye. Or probably not, if narrow minded reactionary bigots like Cllr Annie have any influence. Sigh!

Anonymous said...

I see the economy locally has moved on. Tesco now selling topshelf GT. That's Gay Times, not Gin and Tonic.

So when will us hetero-sexuals be catered for on the islands? Are we the only porn free state in the UK?

Anonymous said...

Calum Iain MacIver is a really good and very fair guy. I genuinely believe his appointment will be good for the Comhairle and wider economy. Why spoil someones special moment with ridicuous and curlish remarks like this?

Anonymous said...

I know that it is off-topic but seeing it has been raised as a discussion point, I want to make it quite clear that I welcome Tesco in Stornoway selling Gay Times.
It is nearly 25 years since I first saw gay magazines for sale in Inverness when I lived there. Who says we are behind the times?
Freedom of expression and sexuality is a measure of any civilised society. That the Hebrides are stuffed from the But to Barra with reactionary old farts who care little for either is a cause of deep shame and that has almost made quit this supposedly holy land.
These are the people who are so very selective in the passages of scripture that they are so keen to spout while completely ignoring the commandment to love and forgive.
In case you wonder, not that it is necessarily relevant, I am a heterosexual married parent - but an open-minded one.

Anonymous said...

porn free?
same as there isnae a drug problem?

Anonymous said...


Good and fair are not descriptions that quickly come to mind if you have been on the receiving end of the recent CNES juggernaut, ...with CIM at the helm.

However as I said, I recognise his contribution to Skye etc, and so just hope that those who are much less informed or qualified i.e. most of our elected members, stand back and let the guy work across the breadth of the economy.

Anonymous said...

"Gay Times"

"the Hebrides are stuffed from the But"

I rest my case

Anonymous said...

It is nonsense to say that the current problems were created by Lighthouse.

History will show that Marine Harvest were about to cut the ropes and cast off the 'Sick' Western Isles for good until Panfish came along. Marine Harvest then literally dropped the cach into the laps of the fledgling company, effectively leaving them under-funded and floundering from day one.

Over the last few months, the management of Lighthouse Caledonia have been making the decisions that their spineless predecessors never quite got around to making. I sincerely hope that they get things back on track and give their smug competitor and former owner a run for its money.

Anonymous said...

Total nonsense - You will find that Marine Harvest have 4 flourishing marine sites in Lewis - Loch Erisort, Loch Shell, Loch Seaforth and Scalpay - so they have not 'cut the ropes' on the Western Isles. What they did see years ago was that well-boat harvesting to the mainland was the only way forward hence the tough but necessary decision to close island factories. As for giving its competitor a run for it's money - don't make me laugh !! They have neither the managerial expertise, integrity or honesty to keep their joke of a company afloat never mind give the mighty MH anything to worry about !

Anonymous said...

ps..... what decisions did LHC make that MH had shyed away from ?? The factory just closed was previously owned by Fjord seafoods !! Never anything to do with MH !!

MH made their own tough decisions when they closed their own Stornoway and Scalpay factories, so weren't 'spineless' in the slightest.

Please try to research your facts before blogging on here and if , as I suspect you are a LHC employee or manager, use your time to look for a new job as you're going to need one soon......

Anonymous said...

Is it the end, or just a new beginning?

Still living and breathing and the ventilator may come off yet!