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Pacific Andes and HSBC reached an agreement on the liquidators of China Fishery. (Photo: C. Ford / CC BY-SA 3.0)
Pacific Andes reaches agreement to dismiss liquidators
(SINGAPORE, 1/25/2016)
Pacific Andes Resources Development Ltd. has announced that members of the lender club and the HSBC bank have agreed to terminate the appointment of the joint provisional liquidators and dismiss the petition for liquidation against its China Fishery unit, informed The Edge Markets.
In addition, it said China Fishery signed a deed of undertaking with the club loan lenders, by which it will continue the sale of its Peruvian business, with Grant Thornton Hong Kong appointed as an independent accountant, and a chief restructuring officer.
According to Pacific Andes there would be two potential buyers interested in its Peruvian business for USD 1.7 billion.
On the other hand, Pacific Andes said it is unable to settle some requested payments, including the interest settlement of its SGD 200 million (USD 139.8 million) 8.5% SGD-denominated bonds, which are due in 2017, which is a potential event of default.
The fishmeal producer also said that holders of SGD bonds valued at USD 186.13 million have exercised their options to sell back their bonds to the company on 21 January.
China Fishery's heavy debt comes from significant investments made for acquisitions of Peruvian fishing.
Related articles:
- China Fishery Group will sell its Peruvian businesses for USD 1.7 billion
- Court appoints liquidators for China Fishery
- Pacific Andes shares and profits drop amid a probe
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Hong Kong
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Singapore
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+65 225 470 168
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