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China Fishery's trawler. (Photo Credit: CFO)
Court appoints liquidators for China Fishery
(HONG KONG, 11/26/2015)
The High Court of Hong Kong has appointed provisional liquidators for China Fishery Group following a winding up request filed by HSBC bank, a lender of the Chinese group.
The appointed liquidators, KPMG’s Edward Middleton, Fergal Power and Kris Beighton, will have the mission of seeking to preserve and protect the Company’s assets.
On being questioned on the issue, credit analysts pointed out that even when there is little information available and it is expected the group is negotiating the loan conditions, the winding up petition seems to indicate that the negotiations are not going so well.
As well as HSBC, other major bankers -- DBS Group Holdings Ltd., China Citic Bank Corp., Rabobank Groep and Standard Chartered Plc -- arranged a USD 450 million syndicated loan for the Group.
China Fishery had secured sufficient bank facilities for refinancing its debt and its operational needs.
Representatives of China Fishery Group and of its parent Pacific Andes International Holdings Ltd. explained they had received notices from the Monetary Authority of Singapore and the Commercial Affairs Department stating they were being investigated for an offence under the Securities and Futures Act.
Some of the China Fishery bondholders have appointed the legal firm Kirkland & Ellis LLP to advise them, according to Neil McDonald, a partner at the firm in Hong Kong.
The sale prospectus of the company’s bonds due in 2019 says the notes would be in default if a legal proceeding is started against the company under any applicable bankruptcy, insolvency or other similar law and remains un-dismissed for 60 consecutive days.
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32rd Floor, Hong Kong Plaza, 188 Connaught Road West
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Hong Kong
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Hong Kong
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+852 2548 2666
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+852 2548 9666
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[email protected]
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