Advertisement

China Fishery Group Proceeding Approval Sought

Advertisement

China Fishery Group’s Debtor affiliate CFG Peru Investments (Singapore)’s Chapter 11 trustee filed with the U.S. Bankruptcy Court a motion for the entry of an order, pursuant to Section 105, authorizing the trustee to commence recognition proceedings before the High Court of the Republic of Singapore. T

he motion explains, “The Trustee has been advised by Singapore counsel that, given that CFG Peru Singapore is a Singapore entity, it is prudent and desirable to commence Recognition Proceedings in Singapore for recognition of the CFG Peru Chapter 11 Case and the resulting appointment of Mr. Brandt as the Chapter 11 Trustee.”

In addition, “Further, Singapore counsel has advised that if orders for recognition and appropriate assistance were granted by the Singapore court, it would, amongst other things, clarify the authority and powers, under Singapore law, of Mr. Brandt as the Chapter 11 Trustee to act on behalf of and bind CFG Peru Singapore, and better protect and secure the property and undertakings of CFG Peru Singapore (e.g., as the Singapore Court may grant moratoriums and other orders preventing actions, proceedings, or enforcement against CFG Peru Singapore or its assets absent permission of the Singapore Court). It may also help to minimize personal liability on the part of Mr. Brandt in acting as the Chapter 11 Trustee.”

The Court scheduled an April 12, 2017 hearing to consider the motion, with objections due by April 5, 2017.

Read more bankruptcy news.