News Summary November 30, 2015
Today's Main Story: China Fishery Crashes, Enters Liquidation, After Cash Shortfall due to Low Peruvian Anchovy Harvests
Today’s top story reports that China Fishery, the subsidiary company to Pacific Andes Group, which spearheaded their rapid expansion in the Peruvian fishmeal sector, has crashed. The company missed a $31 million payment on a $650 million 'club loan' (multiple lender credit line), that was originally due at the end of September. According to Standard and Poor's, the company negotiated multiple extensions with lenders to avoid default, but that failed last week. At that time HSBC, one of the lenders, petitioned a Hong Kong court to put the company in receivership.
Meanwhile, US pollock sellers are chasing payments from Pacific Andes International Holdings for fish delivered to Pickenpack Europe, as Atradius and Euler Hermes have cut credit...
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