China Fishery Group, Pacific Andes file Chapter 11 bankruptcy cases

By Caroline Salls

Pittsburgh, June 30 – China Fishery Group Ltd. and Pacific Andes International Ltd. filed Chapter 11 bankruptcy Thursday in the U.S. Bankruptcy Court for the Southern District of New York.

China Fishery said CFG Investment SAC, Corporation Pesquera Inca SAC and Sustainable Fishing Resources SAC each filed Chapter 15 bankruptcy cases.

The company said in its bankruptcy petition that it has been “facing severe financial stress” as a result of the winding up petitions and the appointment of joint provisional liquidators over China Fishery and China Fisheries International Ltd. in November 2015 and the actions taken by the liquidators before the dismissal of the winding-up petitions in January 2016.

The company said it has also encountered extreme challenges in its efforts to resuscitate and revive the business of the group, particularly the Peruvian business.

China Fishery said a sale process has been ongoing for the Peruvian business over the last five months, but some minority creditors, including Bank of America, NA, have threatened to take enforcement actions against the company despite positive developments in the sale process.

As of March 28, the Pacific Andes Group had $4,669,000,000 in assets and $2,515,000,000 in debt on a consolidated basis.

The company’s largest unsecured creditors are:

• TMF Trustee Ltd. of London, with a $296 million claim;

• Alatir Ltd. of Singapore, with a $104.29 million claim;

• Rabobank NFS Finance of Hong Kong, with a $102 million claim;

• Rabobank International, HK of Hong Kong, with a $96.5 million claim;

• DBS Bank (HK) Ltd. of Hong Kong, with a $96.5 million claim;

• HSBC of Hong Kong, with a $96.5 million claim;

• Standard Chartered Bank (HK) Ltd. of Hong Kong, with a $96.5 million claim;

• Maybank of Hong Kong, with a $95 million claim;

• Rabobank of Hong Kong, with a $94.38 million claim; and

• Tapei Fubon Com Bk Co. Ltd. of Taipei, Taiwan, with a $72 million claim.

The company is represented by Meyer, Suozzi, English & Klein, PC.

China Fishery is a Hong Kong-based manager and operator of fishing vessels for coastal and deep-sea industrial fishing. The Chapter 11 case number is 16-11890.

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