China Fishery Group’s Chapter 11 Trustee filed with the U.S. Bankruptcy Court a motion to approve bidding procedures and the form and manner of notice thereof.
The motion explains, “The Sale Process is being managed by Development Specialists (‘DSI’), accountants to the Chapter 11 Trustee. Specifically, for purposes of the sale structure, the Chapter 11 Trustee likely seeks to sell the CFGI Equity Interests, which are CFG Peru Singapore’s direct equity interest in CFGI and indirect equity interests in several non-Debtor subsidiaries of CFGI. Such contemplated sale structure will ensure that the entire value of the Peruvian OpCos is captured because of CFGI’s indirect ownership of Copeinca. Accordingly, the Chapter 11 Trustee believes that entry of the proposed Bidding Procedures will expedite and provide order to the process of marketing and selling the Peruvian OpCos (the ‘Sale Process’). The Bidding Procedures will provide the formal framework for the Sale Process, which has been designed to elicit value-maximizing bids for the CFGI Equity Interests. Among other things, the Bidding Procedures (i) set forth the timeline for the Sale Process that is reasonable and appropriate to elicit value-maximizing bids for the CFGI Equity Interests, and (ii) set forth the basic rules for submitting bids for the CFGI Equity Interests and the date for a potential Auction.”
The following dates are aspirational: October 20, 2017: service of the auction and sale hearing notice; October 20, 2017: date of publication of the auction and sale hearing notice; December 8, 2017: qualified bids due and deadline for execution of a stalking horse agreement; December 13, 2017: Auction and January 15, 2018: estimated plan effective date and closing of the sale transaction. The Court scheduled an August 16, 2017 hearing to consider the motion, with objections due by August 9, 2017.
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