Joel R. Glucksman
Partner
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
Key Contacts
Back
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.
- Practices: Bankruptcy & Creditors' Rights
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Does Your Homeowners Insurance Provide Adequate Coverage?
Your home is likely your greatest asset, which is why it is so important to adequately protect it. Homeowners insurance protects you from the financial costs of unforeseen losses, such as theft, fire, and natural disasters, by helping you rebuild and replace possessions that were lost While the definition of “adequate” coverage depends upon a […]
Author: Jesse M. Dimitro
Understanding the Importance of a Non-Contingent Offer
Making a non-contingent offer can dramatically increase your chances of securing a real estate transaction, particularly in competitive markets like New York City. However, buyers should understand that waiving contingencies, including those related to financing, or appraisals, also comes with significant risks. Determining your best strategy requires careful analysis of the property, the market, and […]
Author: Jesse M. Dimitro
Fred D. Zemel Appointed Chair of Strategic Planning at Scarinci & Hollenbeck, LLC
Business Transactional Attorney Zemel to Spearhead Strategic Initiatives for Continued Growth and Innovation Little Falls, NJ – February 21, 2025 – Scarinci & Hollenbeck, LLC is pleased to announce that Partner Fred D. Zemel has been named Chair of the firm’s Strategic Planning Committee. In this role, Mr. Zemel will lead the committee in identifying, […]
Author: Scarinci Hollenbeck, LLC
Novation Agreement Process: Step-by-Step Guide for Businesses
Big changes sometimes occur during the life cycle of a contract. Cancelling a contract outright can be bad for your reputation and your bottom line. Businesses need to know how to best address a change in circumstances, while also protecting their legal rights. One option is to transfer the “benefits and the burdens” of a […]
Author: Dan Brecher
What Is a Trade Secret? Key Elements and Legal Protections Explained
What is a trade secret and why you you protect them? Technology has made trade secret theft even easier and more prevalent. In fact, businesses lose billions of dollars every year due to trade secret theft committed by employees, competitors, and even foreign governments. But what is a trade secret? And how do you protect […]
Author: Ronald S. Bienstock
What Is Title Insurance? Safeguarding Against Title Defects
If you are considering the purchase of a property, you may wonder — what is title insurance, do I need it, and why do I need it? Even seasoned property owners may question if the added expense and extra paperwork is really necessary, especially considering that people and entities insured by title insurance make fewer […]
Author: Patrick T. Conlon
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
China Fishery Group Ltd. files for Chapter 11 Bankruptcy Protection
Author: Joel R. Glucksman
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.