China Fishery Peru proceedings, recognition motions to be withdrawn

By Caroline Salls

Pittsburgh, Nov. 30 – China Fishery Group Ltd.’s Chapter 11 trustee received court approval of an agreement under which three of the company’s Peruvian subsidiaries will take the necessary steps before Dec. 1 to satisfy the claims of the creditors who had initiated restructuring proceedings in Peru and also to withdraw the Peruvian restructuring proceedings initiated by the subsidiaries.

According to a news release, the trustee agreed to support the continued operations of the Peruvian entities until April 30 and to allow normalization of the Peruvian operations, subject to extension by mutual agreement.

The trustee also agreed to work in good faith to secure adequate funding for the continued operations in Peru and to try to secure a standstill from the funded debt creditors to protect the assets of the Peruvian subsidiaries or seek an injunction against creditor actions.

The trustee will also support an extension of the period during which the China Fishery debtors have the exclusive right to file a restructuring plan until March 31.

Also under the order, Chapter 15 recognition requests will be withdrawn no more than five days following the disposition of the Peruvian restructuring proceedings.

China Fishery is a Hong Kong-based manager and operator of fishing vessels for coastal and deep-sea industrial fishing. The company filed bankruptcy on June 30 in the U.S. Bankruptcy Court for the Southern District of New York under Chapter 11 case number 16-11890.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.