CFG PERU INVESTMENTS PTE LTD (SINGAPORE)

Case Highlights

• Manage sale process for billion dollar operating business
• Accepted as the estate’s fiduciary and management in a variety of foreign jurisdictions including Singapore, Hong Kong and Peru
• Craft plans to continue business operations while working with stakeholders toward sale of company assets
• Assist in Chapter 11 management and operations
• Negotiate sale of non-core assets

Case Narrative

CFG and its 15 debtor affiliates operated as separate businesses within the vertically-integrated seafood conglomerate Pacific Andes Group (PAG), the world’s 12^th largest seafood company. CFG’s value was derived primarily from its ownership of two Peruvian-based subsidiaries which together held the largest quota of anchovy in Peru and engaged in the harvesting, sourcing, transporting, processing, marketing, and distribution of fishmeal and fish oil. After several consecutive unprofitable fishing seasons, and an abortive sale process, PAG and several of its subsidiaries filed for Chapter 11 bankruptcy in the Southern District of New York, declaring approximately $1.7bn in total debt, of which approximately $750m was carried by CFG and its Peruvian OpCos.

William A. Brandt, Jr. was appointed Chapter 11 Trustee of CFG and, with the assistance of DSI, initiated a sale process for the core Peruvian businesses while raising operational funding through the sale of non-core assets. Additionally, the Trustee and DSI oversaw the day-to-day operations of the Peruvian subsidiaries, negotiated for the withdrawal of the involuntary bankruptcy proceedings in Peru, investigated the facts and circumstances surrounding the prior erroneous appointment of Joint Provisional Liquidators at the behest of lenders, and engaged in litigation to pursue potential claims of damages incurred by the actions of the lenders and the management of PAG.