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China Fishery Group Transfer Approved

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The U.S. Bankruptcy Court issued an order approving China Fishery Group’s Debtor affiliate CFG Peru Investments (Singapore)’s Chapter 11 trustee’s motion for order authorizing and approving procedures for (a) the sale or transfer of certain non-debtor assets and (b) taking all desirable or necessary corporate governance actions in connection therewith.

As previously reported, “The Chapter 11 Trustee controls CFG Peru Singapore. Given that CFG Peru Singapore is the 100% (or close to 100%) owner of the Peruvian OpCos, the Trustee also effectively controls these entities. Beyond the Peruvian OpCos, the Trustee also effectively controls the additional CFG Peru Singapore Subsidiaries….Thus, because the SFR Vessels and Other Non-Debtor Vessels are not utilized in the Peruvian OpCos’ anchovy business, they are non-core, dispensable assets….[T]he SFR Vessels and Other NonDebtor Vessels impose unnecessary costs on the Peruvian OpCos, including for crew, vessel maintenance, and commissioning, among other expenses. Accordingly, because these vessels are non-core and costly to the estate, they are appropriate assets for the Chapter 11 Trustee to market and sell or transfer for the benefit of the estate and its creditors.”

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