August 7, 2019 — Bumble Bee Foods is considering filing for bankruptcy to alleviate it of increasingly dire financial situation.
The San Diego, California, U.S.A.-based firm, which claims it is the largest seller of packaged seafood in North America, exceeded the leverage ratio it is allowed under the terms of its senior debt, according to Bloomberg. That sent the firm into technical default on its principal operating loan, a USD 650 million (EUR 550 million) facility with Brookfield Principal Credit as the administrative agent. However, its lenders have agreed to a forbearance period, allowing the company to continue its efforts to restructure itself to regain its profitability, according to the Wall Street Journal.