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.
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
Tariff Response Options for Small Businesses Facing Financial Distress
The Trump Administration’s new tariffs are having an oversized impact on small businesses, which already tend to operate on razor thin margins. Many businesses have been forced to raise prices, find new suppliers, lay off staff, and delay growth plans. For businesses facing even more dire financial circumstances, there are additional tariff response options, including […]
Author: Brian D. Spector
Common Causes of Partnership Disputes and How to Resolve Them
Business partnerships, much like marriages, function exceptionally well when partners are aligned but can become challenging when disagreements arise. Partnership disputes often stem from conflicts over business strategy, financial management, and unclear role definitions among partners. Understanding Business Partnership Conflicts Partnership conflicts place significant stress on businesses, making proactive measures essential. Partnerships should establish detailed […]
Author: Christopher D. Warren
Businesses Are Facing Financial Headwinds—A Practical Guide
*** The original article was featured on Bloomberg Tax, April 28, 2025 — As a tax attorney who spends much of my time helping people and companies who have large, unresolved issues with the IRS or one or more state tax departments, it often occurs to me that the best service that I can provide […]
Author: Scott H. Novak
President Trump's Termination of Member Gwynne Wilcox
On January 28, 2025, the Trump Administration terminated Gwynne Wilcox from her position as a Member of the National Labor Relations Board (NLRB or the Board). Gwynne Wilcox, a union side lawyer for Levy Ratner, was confirmed to the Board for an original term in 2021 and confirmed again for a successive five-year term expiring […]
Author: Matthew F. Mimnaugh
Breach of Contract Explained: Types and Consequences
Breach of contract disputes are the most common type of business litigation. Therefore, nearly all New York and New Jersey businesses will likely have to deal with a contract dispute at least once. Understanding when to file a breach of contract lawsuit and how long you have to sue for breach of contract is essential […]
Author: Brittany P. Tarabour
How to Dissolve a Corporation in New Jersey: A Step-by-Step Guide
Closing your business can be a difficult and challenging task. For corporations, the process includes formal approval of the dissolution, winding up operations, resolving tax liabilities, and filing all required paperwork. Whether you need to understand how to dissolve a corporation in New York or New Jersey, it’s imperative to take all of the proper […]
Author: Christopher D. Warren
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.