China Fishery Group fishmeal operations in Peru. (Photo: China Fishery Group)
China Fishery Group Limited’s board of directors provided an update on Chapter 11 proceedings announced by the Company on July 1, and currently before the United States Bankruptcy Court in the Southern District of New York.
The firm's executives informed that as previously announced, the NY Court heard a motion on August 29 and 30 for the appointment of a Chapter 11 trustee. On October 28, the Court issued a formal ruling on the trustee motion.
The Court decided to appoint a trustee to the investment holding company CFG Peru Investments Pte Limited (Singapore) only, which is one of the 17 entities which have filed for Chapter 11 relief before the NY Court. CFG Peru Investments Pte Limited is the holding company of the Group’s Peruvian operating companies.
The Board explained that the practical effect of the ruling is that the trustee will be involved, ...