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Chile’s salmon industry will have to renegotiate 68% of its outstanding debts this year, setting the stage for tricky renegotiations with banks as companies profits have been sapped by the algal bloom disaster and higher production costs, newspaper Diario Financiero says.

While farmers have lowered their total debts by 1.2% to a collective total of $1.8 billion, most of this is now held as shorter-term debt, the newspaper said, citing data posted with the regulator.

The debt renegotiations threaten to raise salmon farmers costs making Chile less competitive with Norway, Felipe Sandoval (pictured), head of producers association SalmonChile told the newspaper.

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