Saving Seafood

Chris Lischewski trial enters second week as key witnesses testify

November 19, 2019 — The trial of Chris Lischewski is now in its second week, with a panel of 16 jurors having heard six days of testimony from many of the witnesses deemed most important to the government’s price-fixing case against the former Bumble Bee president and CEO.

Lischewski is on trial for a single charge of engaging in a conspiracy to fix the prices of canned tuna in the United States from 2011 to 2013. The case is being heard by District Court Judge Edward M. Chen of the Northern District of California.

Read the full story at Seafood Source

Bloomberg: Bankruptcy a possibility for Bumble Bee

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.

Read the full story at Seafood Source