 However, the company had borrowed heavily to finance its rapid growth—by the end of 2001, debts had reached over NOK 4.7 billion.When the market price of salmon collapsed in 2001, Pan Fish encountered extreme financial difficulties, posting a heavy loss in 2002, and having to sell off assets in order to repay creditors.A major refinancing operation implemented in late 2002 coincided with the dismissal of the entire board of directors, including founder and CEO Arne Nore.