Pacific Andes Says Peru Insolvency Won’t Harm Creditors

Pacific Andes group executives are disputing creditors' notion that the Peruvian insolvency proceedings for its fishmeal companies can block the New York court's access to those assets, Undercurrent News reported. In recent days, Pacific Andes International Holdings (PAIH) executive director, Jessie Ng, as well as representatives from its Peru-based China Fishery Group subsidiary and suppliers to the Peruvian companies have made statements before the court asserting that China Fishery's current management is best suited to operate the company during its restructuring. Several creditors known as the "club lenders" who are collectively owed hundreds of millions of dollars on loans made to the fishing conglomerate, have asked judge James Garrity to appoint an independent trustee to oversee the 16 Pacific Andes entities that filed for US bankruptcy protections on June 30. He is scheduled to rule on the motion on Aug. 29. Read more.