July 1, 2016 — Pacific Andes International Holding (PAIH) and its subsidiary China Fishery Group have filed for chapter 11 bankruptcy protection in New York, the Wall Street Journal and Reuters reported.
The Hong Kong and Singapore-listed companies submitted the filing June 30, in the southern district of New York, along with more than 15 affiliates.
The Journal said four affiliates including Pacific Andes Resources Development (PARD), the Hong Kong-based parent company of China Fishery, have filed for chapter 15, a part of the bankruptcy code which covers international insolvencies.
The newspaper adds the filing will allow the company to benefit from US bankruptcy law, including protections that prevent creditors from seizing assets.
Citing court papers, the Journal writes that China Fishery officials said they filed for bankruptcy to protect the company’s business from the possibility of “hostile and aggressive action” from certain creditors.