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
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
Gross Lease vs. Net Lease: Understanding the Key Differences
Commercial leases can take a variety of forms, which is often confusing for both landlords and tenants. Understanding the different types, especially the gross lease structure, is important when selecting the lease that best suits your needs. One key distinction between lease types is how rent is calculated and paid. This article addresses the two […]
Author: Robert L. Baker, Jr.
What to Do If You Are Impacted by a Retailer Bankruptcy Part 2
Over the past year, brick-and-mortar stores have closed their doors at a record pace. Fluctuating consumer preferences, the rise of online shopping platforms, and ongoing economic uncertainty continue to put pressure on the retail industry. When a retailer seeks bankruptcy protection, a myriad of other businesses are often impacted. Whether you are a supplier, customer, […]
Author: Brian D. Spector
The Current Administration's Proposals for the Financial Services and Banking Industries Will Affect Your Business
Since his inauguration two months ago, Donald Trump’s administration and the Congress it controls have indicated important upcoming policy changes. These changes will impact financial services policies and priorities. The changes will particularly affect cryptocurrency, as well as banking rules and regulations. Key Regulatory Changes in Cryptocurrency For example, in the burgeoning cryptocurrency business environment, […]
Author: Dan Brecher
Tips for Commercial Landlords Impacted by Wave of Retailer Bankruptcies Part 1
The retail sector has experienced a wave of bankruptcy filings over the last year. Brick-and-mortar businesses in financial distress include big-name brands like Big Lots, Party City, The Container Store, and Vitamin Shoppe. When large retailers seek bankruptcy protection, they are not the only businesses impacted. Landlords can be particularly hard hit. While commercial landlords […]
Author: Brian D. Spector
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.