Tag Archives: bankruptcy
Crab pot retrieval concept crashes
Norwegian company Resqunit, with Deadliest Catch star Sig Hansen as global brand ambassador for its ingenious trap retrieval concept, has crashed into bankruptcy with debts of NoK13.5 million – equivalent to over a million euros. The bankruptcy was announced in August, in contrast to the initial fanfare of publicity and optimism as the company’s owners expected the world to embrace its product. A holding company was registered in Sweden in 2021. Soon afterwards the holding company was listed on the US Nasdaq First North Growth Market. Things happened fast for Resqunit and the next step was company was set up in Canada as the concept seemed to be something that couldn’t go wrong as governments, researchers and environmental organisations had ghost fishing high up on the agenda. Photos, more, >>CLICK TO READ<< 12:15
China Fishery against court appointing a US trustee
Beleaguered China Fishery has claimed that the appointment of a United States trustee would subject its bankruptcy estate to “greater costs than benefits” and result in a “severe destruction of value” for stakeholders. The Singapore-listed fishmeal supplier had filed for Chapter 11 protection in New York in June, along with more than 15 affiliates. Its parent firm, Hong Kong-based Pacific Andes International, also filed for bankruptcy in New York. China Fishery said the filing is aimed at stopping a fire sale of its assets, particularly its most valuable – the Peruvian fishmeal business that is valued at up to US$1.7 billion (S$2.3 billion). In bankruptcy papers obtained by The Straits Times, China Fishery argued that the appointment of a trustee would be “perceived as a mandate to comply with the lenders’ desire for a quick sale”. Further, “additional costs would compound” as a trustee would be “entitled to commissions of up to US$30 million for each US$1 billion of asset distributions”, it said in court papers filed on Sept 2. Read the story here 19:15
