Pacific Andes units in bankruptcy to streamline restructuring process

By Caroline Salls

Pittsburgh, March 28 – Pacific Andes Resources Development Ltd. indirect subsidiaries Golden Target Pacific Ltd. and Nouvelle Foods International Ltd. filed Chapter 11 bankruptcy cases Monday in the U.S. Bankruptcy Court for the Southern District of New York, in part to bring the Pacific Andes Group’s many creditors into a single forum for a group-wide capital structure restructuring.

According to a Pacific Andes news release, the protection afforded by Chapter 11 prevents adverse action from third parties frustrating the integrity of the restructuring efforts.

Golden Target and Nouvelle asked the court to apply some of the orders entered in the case of China Fishery Group Ltd., which filed bankruptcy along with Pacific Andes in June 2016, to their Chapter 11 cases.

The company said it will continue to work closely with all creditors, including bondholders, to achieve the best possible consensual restructuring for all interested parties.

Golden Target and Nouvelle are represented in the Chapter 11 cases by Weil, Gotshal & Manges LLP.

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.

Golden Target’s Chapter 11 case number is 17-10734. Nouvelle’s case number is 17-10733.

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