Two Pacific Andes Subsidiaries Seek Chapter 11 Protections as Liquidation Proceedings Begin
SEAFOODNEWS.COM by Michael Ramsingh - March 28, 2017
Two subsidiaries of Pacific Andes have filed for their own Chapter 11 bankruptcy protections in a New York court this week. The filings follow a court decision in the British Virgin Islands this past February that allowed creditor banks to liquidate one of Pacific's subsidiaries.
Nouvelle Foods International Limited and Golden Target Pacific Limited filed for Chapter 11.
Pacific Andes said Golden Target’s directors “believe that it is in the best interests of its shareholders to file for protection under Chapter 11 to ensure the continuation of a transparent and comprehensive restructuring process.”
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