Tag Archives: Pacific Andes International
National Fish & Seafood ceases operations
National Fish & Seafood, the East Gloucester seafood processor which has been stung by a slew of criminal prosecutions involving its upper management and the bankruptcy of its majority owner, abruptly shuttered operations Friday afternoon. “Unfortunately, despite great strides we made in improving operating performance, National Fish just had too many legacy issues that prevented us from consummating a sale,” Todd Provost, National Fish president, said in a release that went out after 3:30 p.m. Friday. >click to read<09:28
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
