Lenders File in US Court to Sideline Ng Family in Sale of Pacific Andes Fishmeal Business
SEAFOODNEWS.COM [Undercurrent News] by Tom Seaman - August 10, 2016
After stating this was coming on July 8, four lenders to Pacific Andes-owned China Fishery Group companies filed a motion in a US court calling for the appointment of a Chapter 11 bankruptcy trustee to stop the Ng family blocking the sale of the group’s Peruvian business.
Rabobank, Standard Chartered Bank, CITIC Bank International and DBS Bank seek the appointment of a Chapter 11 trustee because the Ng family, who control Pacific Andes, “commenced these and three other global insolvency proceedings for the express purpose of stopping a sale [of the Peruvian fishmeal and fish oil business] that had been ongoing in an effort to repay defaulted debt in excess of $700 million," the document stated.
The document, filed on Tuesday in the court in New York in the Chapter 11 process of 16 Pacific Andes entities, stated the appointment of a trustee “is in the interests of the creditors and other interests of the estate” and is “a natural remedy in a climate where the debtors and their affiliates cannot publish audited accounts ...
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