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China Fishery Group fishmeal operations in Peru. (Photo: China Fishery Group)
US Judge allocates China Fishery Group trustee
(SINGAPORE, 10/31/2016)
China Fishery Group Limited’s board of directors provided an update on Chapter 11 proceedings announced by the Company on July 1, and currently before the United States Bankruptcy Court in the Southern District of New York.
The firm's executives informed that as previously announced, the NY Court heard a motion on August 29 and 30 for the appointment of a Chapter 11 trustee. On October 28, the Court issued a formal ruling on the trustee motion.
The Court decided to appoint a trustee to the investment holding company CFG Peru Investments Pte Limited (Singapore) only, which is one of the 17 entities which have filed for Chapter 11 relief before the NY Court. CFG Peru Investments Pte Limited is the holding company of the Group’s Peruvian operating companies.
The Board explained that the practical effect of the ruling is that the trustee will be involved, as a third party impartial fiduciary, in the process of further developing a holistic restructuring plan around the Peruvian assets and business in the context of the Chapter 11 reorganization, a process which is already underway.
In his written decision, the Judge made it clear that the appointment was not being made in favour of a sale of the Peruvian business, but to ensure that the highest and best use of the assets in Peru is assessed to maximize value for all debtors, creditors and stakeholders.
The Board and current management of the company remain in control of the business and will continue to ensure that its operations in Peru and Namibia continue to operate as usual, uninterrupted by the restructuring process. The Board and current management of the Company will work constructively with the trustee to bring about the best outcome for all stakeholders.
Related article:
- China Fishery seeks US protection against bankruptcy
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Information of the company:
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32rd Floor, Hong Kong Plaza, 188 Connaught Road West
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Hong Kong
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Hong Kong
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+852 2548 2666
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+852 2548 9666
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[email protected]
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