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China Fishery Group Sale Approved

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The U.S. Bankruptcy Court approved the motion of CFG Peru Investments (Singapore)’s Chapter 11 trustee for entry of an order authorizing procedures enabling the trustee to (a) sell or transfer certain limited non-core, non-Debtor assets (the additional non-core assets of the CFG Peru Singapore subsidiaries) and (b) consent to and to take all corporate governance actions desirable or necessary to effectuate the sale or transfer including, but not limited to, voting stock, passing shareholders’ resolutions, directing the managers of the CFG Peru Singapore subsidiaries to execute any desirable or necessary documentation and paying broker commissions and taxes or other actions that the trustee determines are desirable or necessary in connection.

As previously reported, “If the overbid results in the Trustee’s decision to sell the Additional Non-Core Assets to a different purchaser than disclosed in the Sale Notice, the Trustee shall send a revised Sale Notice to the Notice Parties. In this event, the Notice Parties will have 7 days to object to such revised Sale Notice. If a written objection to the Sale Notice is filed with this Court within such 10-day period that cannot be resolved, the Trustee will determine, in his business judgment, how best to proceed. If the Trustee determines that a hearing before the Court on the matter (the ‘Disputed Transaction’) would be beneficial to the resolution of the objection, the Trustee will schedule a hearing on the Disputed Transaction and notify the Notice Parties…..The broker commission is 2.25% of the purchase price of each vessel but not under $60,000 for each vessel.”

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The post China Fishery Group Sale Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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