Pacific Andes in trouble, Forbes reports
Hong Kong-based Pacific Andes International, is near bankruptcy, according to an article published by Forbes.
The company, which is controlled by the Ng family and was once the largest fish fillet producer in the world as measured by volume, due mainly to its success in feeding the Chinese market, was nearly liquidated in November 2015 after its subsidiary failed to pay a USD 31 million (EUR 27.7 million) installment on a USD 650 million (EUR 581 million) loan.
Its main creditors, HSBC and Bank of America, requested liquidation but a court ruling on 20 January, 2016 in Hong Kong instead opted for a restructuring of the company under the management of an independent arbiter, according to the article.
Pacific Andes has previously been linked to IUU fishing, specifically illegal fishing of toothfish in Australian waters, and its ties to the state-run China National Fisheries Corp. have also been questioned, the article reported.