US court appoints a trustee for China Fishery Group
A trustee has been named in the Chapter 11 bankruptcy case of China Fishery Group subsidiary CFG Peru Singapore, according to a notice submitted to the U.S. Bankruptcy Court on 11 November.
The assigned trustee, William J. Brandt, Jr., is the CEO and President of Development Specialists, a New York-based financial restructuring and advisory firm. Brandt has experience working on over 15,000 bankruptcy cases in his career, and started his trusteeship promptly on 10 November, according to court filings.
Judge James Garrity ruled on 28 October that a large portion of the remaining value of China Fishery Group lies in CFG Peru Singapore, a holding company for three anchovy fishing and processing operations in Peru. Brandt will act as an impartial arbiter during the restructuring of CFG Peru Singapore’s assets while Chapter 11 reorganization is underway.
“The court is mindful that the appointment of a Chapter 11 trustee is an extraordinary remedy and is the exception, not the rule. Nonetheless, based upon its review of the voluminous record made in connection with the motion, the court finds that in balancing the advantages and disadvantages to appointing a trustee, the movants have established by clear and convincing evidence that it is in the best interest of debtors’ estate and creditors that a trustee be appointed,” wrote presiding New York Judge James Garrity on 28 October after hearing the bankruptcy proceedings for China Fishery Group, which is part of Pacific Andes International Holdings and is controlled by the Hong Kong-based Ng family.
Read more about the case here: http://www.seafoodsource.com/news/supply-trade/china-fishery-bankruptcy-proceeds-as-judge-appoints-trustee