Pacific Andes Wants Extension to Restructuring to December 31, 2017
SEAFOODNEWS.COM by Michael Ramsingh - May 15, 2017
This week Pacific Andes is expected to file for an extension so that its management team can come up a plan to reorganize the structure of its heavily indebted business.
The company had until May 17 of this year to submit a reorganization plan to a New York court. Pacific Andes owes millions of dollars to its creditors, which include Bank of America.
Pacific Andes’ anchovy and fishmeal production operations in Peru are the company’s most valuable remaining assets. The creditor banks want to take control of Pacific Andes’ reorganization so it can recoup the debts owed...
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