Pacific Andes: Liquidators appointed in Virgin Islands for subsidiary

By Caroline Salls

Pittsburgh, Feb. 14 – Pacific Andes International Holdings Ltd. announced Tuesday that insolvency proceedings have begun in the Virgin Islands against indirect wholly owned subsidiary Europaco Ltd.

According to a news release, Europaco supplier and trade creditor Glacier Fish Co. applied to the Eastern Caribbean Supreme Court in the High Court of the British Virgin Islands on Dec. 6 to appoint a liquidator for Europaco.

On Jan. 25, Malayan Banking Bhd. also applied to the court to appoint joint liquidators for Europaco.

The court has appointed Ian Morton of FTI Consulting British Virgin Islands and Nicholas James Gronow of FTI Singapore as joint liquidators of Europaco.

Pacific Andes said it remains committed to its efforts to deliver the best possible outcome for all creditors and stakeholders, and it will continue to proceed with the Chapter 11 restructuring process under the supervision of the U.S. Bankruptcy Court for the Southern District of New York.

Hong Kong’s Pacific Andes provides a range of at-sea transportation and logistical services to fishing companies and also operates fishing fleets and fishmeal processing facilities in the Pacific region. The company filed for bankruptcy on June 30, 2016 under Chapter 11 case number 16-11890.

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