Joel R. Glucksman
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201-896-7095 jglucksman@sh-law.comFirm Insights
China Fishery Group Ltd. files for Chapter 11 Bankruptcy Protection
Author: Joel R. Glucksman
Date: July 26, 2016
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China Fishery Group files for Chapter 11
China Fishery Group Ltd., one of the largest fishing companies in Asia and among the world leaders in fishmeal and fish oil production, recently announced that it had filed for Chapter 11 bankruptcy protection in the U.S.
According to The Wall Street Journal, the company, its 15 affiliates and its parent company Pacific Andes Resources Development Ltd. filed their bankruptcy petitions in the U.S. to seek shelter from creditors and bondholders who might attempt to seize assets.
China Fishery Group spirals into debt
In recent years, the company and its affiliates have faced financial strain that left it with an uncertain future. Specifically, its fishery business in Peru, which it acquired in 2013 from Copeinca ASA, failed to remain profitable. As a result, China Fishery was unable to make debt payments to its creditors.
In its bankruptcy documents, the company listed $4.7 billion in assets and $2.5 billion in debt, according to a Bloomberg report. There are 21 senior debtholders listed in the company’s bankruptcy petition, which includes $650 million in club facility with Rabobank International, HSBC Holdings plc and various banking institutions as well as $300 million in 9.75 percent senior notes owed in 2019.
China Fishery Group’s reorganization plan
In its bankruptcy petition, China Fishery stated that it will attempt to prevent a forced asset sale at current fish market prices, The Journal reported. The bankruptcy process afforded to China Fishery through U.S. bankruptcy law will provide the company with a grace period to prevent lenders from forcing asset liquidation.
As part of its proposed reorganization plan, the company will seek debtor-in-possession financing as a way to fund its current operations. The company may also adjust its restructuring proposal based on legal threats from some of its creditors and bondholders.
Are you a creditor in a bankruptcy? Have you been sued by a bankrupt? If you have any questions about your rights, please contact me, Joel Glucksman, at 201-806-3364.
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