Pacific Andes reaches agreement to dismiss liquidators
Pacific Andes and HSBC reached an agreement on the liquidators of China Fishery. (Photo: C. Ford / CC BY-SA 3.0)
(SINGAPORE, 1/25/2016)
Pacific Andes Resources Development Ltd. has announced that members of the lender club and the HSBC bank have agreed to terminate the appointment of the joint provisional liquidators and dismiss the petition for liquidation against its China Fishery unit, informed The Edge Markets.
In addition, it said China Fishery signed a deed of undertaking with the club loan lenders, by which it will continue the sale of its Peruvian business, with Grant Thornton Hong Kong appointed as an independent accountant, and a chief restructuring officer.
According to Pacific Andes there would be two potential buyers interested in its Peruvian business for USD 1.7 billion.
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