Pacific Andes Moves to End China Fishery Liquidation with Sale of Peru Operations for $1.7 Bln

SEAFOODNEWS.COM  by John Sackton  January 4, 2016

On Dec. 31st Pacific Andes announced several moves to reverse the liquidation order for China Fishery Group, which is currently under court supervision in Hong Kong and Cayman Islands.

PAH (Pacific Andes Holdings) said they had two non-binding offers from different purchasers to buy China Fishery and its Peruvian assets for $1.7 billion.  Pacific Andes and China Fishery’s largest asset in Peru is Copeinca, the country’s largest fishmeal producer, which Pacific Andes purchased in 2014 for $800 million.

On the strength of these discussions, PAH has agreed with a majority of its bank creditors to a new transaction.

PAH has issued a deed in favor of three of the bank lenders which constitute a majority of its debt holders under its loan that is now in default.  In return, the majority of bank creditors will support the removal of the provisional liquidators at a Hong Kong court hearing, and the dismissal of the winding up petition in Hong Kong.  They will also ask for the dismissal of the winding up provision in the Cayman Islands as well.

In return, the lenders get...