Creditors Agree to Potential Quick Sale of National Fish as Part of Pacific Andes Bankruptcy
SEAFOODNEWS.COM by John Sackton October 5, 2017
National Fish and Seafood in Gloucester has until November 4th to secure a banking partner to oversee a sale of the company, according to an order by NY District Judge Garrity overseeing the Pacific Andes/China Fishery bankruptcy case.
National Fish, a subsidiary of Pacific Andes, has been unable to service its debt to Rabobank since July, 2015, and has made a number of defaults. The current principal amount owed Rabobank is now $91 million. However National Fish has not been part of the Pacific Andes bankruptcy.
Rabobank and the debtors of Pacific Andes have negotiated a deal that will allow National Fish to continue to receive working capital, and that will require the sale of the company or its assets, for the repayment of the debt to Rabobank. National Fish will get $5 million in additional working capital from Rabobank.
The debtors will then get removed as a secondary guarantor of the debt to Rabobank;
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