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FCF swoops in for Bumble Bee as it files for bankruptcy

November 22, 2019 — Taiwan-based Fong Chun Formosa (FCF) Fishery Company has entered into an asset purchase agreement with Bumble Bee Foods, which filed for chapter 11 bankruptcy in the U.S. state of Delaware.

The 25-page filing, made on 21 November, includes more detail about FCF’s stalking-horse bid for the company, which was first reported by Bloomberg to be around USD 925 million (EUR 836 million).

Read the full story at Seafood Source

FCF Fishery in talks to purchase Bumble Bee: Bloomberg

November 21, 2019 — In the wake of rumors about Bumble Bee Foods potentially filing for bankruptcy, and that that filing could come this week, the company appears to be in talks with Fong Chun Formosa (FCF) Fishery Company regarding a possible buy-out.

The story, reported by Bloomberg, indicates that FCF would be a “stalking-horse bidder” in the bankruptcy reorganization. Stalking-horse bidders set a low-end bidding bar, which any other companies interested in buying Bumble Bee would then have to either match or exceed.

Read the full story at Seafood Source

‘Stalking horse’ bidder lined up for Bumble Bee as part of likely bankruptcy filing

November 20, 2019 — A “stalking horse” bidder, said to be an industry player, is lined up for Bumble Bee Foods if — or when, according to some executives — the company goes into US Chapter 11 bankruptcy protection, sources told Undercurrent News.

A Chapter 11 filing is seen as highly likely for the beleaguered shelf-stable seafood giant, driven by the lack of a settlement with the litigants in the civil lawsuits against the Lion Capital-owned company over its tuna price fixing, sources said. This comes as Chris Lischewski, the long-time CEO of Bumble Bee, is on trial in San Francisco, California for allegedly leading the price-fixing.

Undercurrent was unable to identify the stalking horse bidder, but Bolton Group International, Canadian Fishing Company (Canfisco), Cooke and Mitsubishi Corp. are four trade players who are said to have looked at all or parts of the business before.

Fong Chun Formosa Fishery Company (FCF), the Taiwanese tuna giant, is already a 22% shareholder in Bumble Bee and Itochu, the Japanese trading house, was also tipped by some tuna sector sources as a possible interested party.

Read the full story at Undercurrent News

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