Brief: China Fishery updates on chapter 11 and 15 proceedings before US bankruptcy court

China Fishery

10/08/2016 11:36

Aug 10 (Reuters) - China Fishery Group Ltd  CNFG.SI : 
 * Update on chapter 11 and 15 proceedings before the US bankruptcy court) 
 * On 9 August 2016, the club lender banks filed a motion seeking the 
appointment of a chapter 11 trustee 
 * Refers to chapter 11 and 15 proceedings announced by the company on 1 July 
2016 
 * Indicated to banks that have filed trustee motion that co intends to contest 
the motion so as to preserve value for all stakeholders of the group 
 * Strongly believes that any action to facilitate equivalent of a "fire sale" 
of peruvian fishmeal business would not be best interests of all creditors 
 * If a trustee is appointed by the court, the trustee would assume management 
of the chapter 11 debtors 
 * Company considers that appointment of trustee would have a detrimental effect 
on the business and prospects 
 * Evidentiary hearing of the trustee motion is scheduled to begin on 29 August, 
2016 
 
 * Source text for Eikon  ID:nSNZNG6vm  
 
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