Bumble Bee Buyer Co-Owns Bankrupt Company, Supplies Its Tuna

The lead bidder for bankrupt seafood canner Bumble Bee Foods is also an indirect co-owner of the company and runs the fishing fleet that supplies its tuna, a Bumble Bee attorney told the judge overseeing the insolvency case.

• To make sure Taiwan-based FCF Co. Ltd continues supplying it fish, Bumble Bee asked a judge for permission to pay FCF more than $50 million in the coming days, Kelley A. Cornish said in federal court in Wilmington, Delaware Friday
• That so-called critical vendor payment would make it harder for lower-priority creditors to collect anything in the case, said a lawyer for ...