Pacific Andes Group, the world’s 12th-largest seafood company, filed for bankruptcy in New York after investigations by Singapore and Hong Kong market regulators and pressure by lenders to start a fire-sale (In re China Fishery Group Limited (Cayman), Bankr. S.D.N.Y., 16-11895, petition filed 6/30/16).
The company’s liquidity crisis was triggered by the El Nino weather pattern and the depleted Peruvian anchovy stocks that resulted, as well as “aggressive and improper acts by certain lenders,” Chief Executive Officer Ng Puay Yee said in court filings. While 16 units filed for court protection, others aren’t in bankruptcy, according to ...
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