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CFG Revised Sales Approved

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The U.S. Bankruptcy Court approved China Fishery Group’s Chapter 11 trustee’s revised sale of a non-debtor vessel to a new buyer, in accordance with the non-debtor asset sale order.

As previously reported, “The Trustee intends to sell the ‘Damanzaihao,’ a fishing vessel currently anchored in the port of Chimbote, Peru, to DVS-R PTE Ltd, a Singapore limited liability company. CFG Peru Singapore subsidiary involved is Sustainable Fishing Resources S.A.C., with a Consideration of $11,200,000….The Chapter 11 Trustee has received an overbid for the ‘Damanzaihao.’ Pursuant to the Original Sale Notice and in accordance with and pursuant to paragraph 2 of the Non-Debtor Asset Sale Order, the Chapter 11 Trustee has decided, in his business judgment, that the overbid constitutes a superior offer for the ‘Damanzaihao,’ and the buyer for the ‘Damanzaihao’ is therefore a different party than was disclosed in the Original Sale Notice.”

Subsequently, the Court also approved Chapter 11 trustee’s sale of Enterprise and Pacific Champion in accordance with the non-debtor asset sale order. As previously reported, “The Trustee intends to sell the ‘Enterprise’ and ‘Pacific Champion’, fishing vessels currently anchored in the port of Chimbote, Peru, to DVS-R PTE Ltd, a Singapore limited liability company, the Buyer. CFG Peru Singapore subsidiary involved is Sustainable Fishing Resources S.A.C. with a consideration of $6,800,000. The purchase price for the each of the ‘Enterprise’ and ‘Pacific Champion’ is $3,400,000. The Purchase Price for both Vessels is $6,800,000.”

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