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China Fishery Group Bankruptcy Objections Filed

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Malayan Banking Berhad (Hong Kong Branch), CooperatieveRabobank, DBS BANK (Hong Kong), Standard Chartered Bank (Hong Kong) and Bank of America filed with the U.S. Bankruptcy Court separate objections to China Fishery Group’s motion to retain Weil, Gotshal & Manges as attorney.

Malayan Banking Berhad asserts, “After months of little to no progress in these Cases, and with the threat of the expiration of exclusivity, the Debtors now seek the retention of new bankruptcy counsel, Weil, Gotshal & Manges (WG&M). The attempt to replace counsel is a blatant effort by the Debtors to avoid, and at the very least delay, their obligations and responsibilities to their many creditors. Replacement of counsel, even with such a well-respected firm as WG&M, cannot appease the Debtors’ many creditors who are left with little insight regarding inner-workings of the cloud of companies that make up the Pacific Andes Group. Instead the Debtors – entities with no operations and that generate minimal revenue – continue to limp through Chapter 11, relying on funding at will from various non-Debtor affiliates.”

In addition, “The Debtors ask that this Court approve the payment of a retainer to WG&M in the original amount of $1.5 million to be funded through a non-Debtor, PAE (HK). They ask that the retainer be increased to up to $5 million without any further order of this Court or notice to interested parties….The Accounting should trace all amounts beginning with their origin from third party sources on account of legitimate business operations. To the extent additional monies are funded to WG&M after the initial payment, notice of such should be provided to the Notice Parties along with a similarly detailed Accounting.”

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