The senior noteholder committee and Bank of America, N.A. (BANA) filed with the U.S. Bankruptcy Court separate objections to China Fishery Group’s chapter 11 trustee and the other Debtor’s joint motion for an order approving the settlement agreement netting intercompany claims among and between CFG Peru Singapore, the other Debtors, and the non-debtor affiliates, including the CFG Peru Singapore subsidiaries.
Bank of America asserts, “In this Objection, BANA does not seek to stop the sale of the Peruvian Opcos; it has throughout these Chapter 11 Cases strongly advocated for such a sale. Nor does BANA oppose the settlement and netting of the Intercompany Claims if that will facilitate a successful sale. BANA merely seeks through this Objection to correct the unique and altogether unfair prejudice it alone will sustain as a result of the Netting of claims as specifically proposed by the Other Debtors and Trustee. Where the Motion solidifies the immediate cash payment from sale proceeds to creditors like the Noteholders who are situated similarly to BANA, it forces BANA to wait for payment, if it comes at all, and in so doing, to place its trust in the very Debtors and the Ng family on whose actions BANA fought so hard to impose restraint. That is a bridge too far, and as to BANA, the Motion contradicts every assurance of post-sale treatment BANA had received from both the Chapter 11 Trustee and the Other Debtors. As to BANA, the netting defects are fixable, but to date, the Motion’s proponents have refused any fix and, as a result, BANA respectfully submits that because its treatment under the Motion is altogether inequitable and prejudicial, the Motion in its current form should be denied.”
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