Bumble Bee Foods, the largest North American brand of packaged seafood, has filed for bankruptcy protection amid criminal fines and civil lawsuits stemming from a federal price-fixing case
Bumble Bee Foods, the largest North American brand of packaged seafood, filed for bankruptcy protection Thursday amid criminal fines and civil lawsuits stemming from a federal price-fixing case. The canned-tuna purveyor has plans for its assets to be acquired by FCF Co. for about $925 million.
The company flagged its financial distress at the time of sentencing, arguing that the $81.5-million fine initially levied could push it into insolvency. The U.S. Justice Department agreed, cutting the amount to $25 million and giving Bumble Bee an installment plan over several years that required no more than $2 million upfront.Of that fine, $17 million remains outstanding, according to the company’s bankruptcy filing.
A “section 363 sale” in a bankruptcy, such as that planned by FCF, allows assets to be sold unencumbered from most existing liabilities, including certain pre-bankruptcy fines, Guyder said. Bumble Bee’s Canadian affiliate, Connors Bros. Clover Leaf Seafoods Co., will also seek to reorganize under Canadian insolvency law, the company said.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Bumble Bee is in talks to file for bankruptcy and sell itselfTwo years after Bumble Bee Foods pleaded guilty to price-fixing, the canned tuna producer is in talks with FCF Fishery to buy it during a bankruptcy reorganization, sources say.
Baca lebih lajut »
Watch Samantha Bee Mark #MeToo Anniversary With Not-Thanksgiving Feast on ‘Full Frontal’Host interviews MeToo founder Tarana Burke, sits down with journalists, activists for “Sam’s Food Day of Gratitude”
Baca lebih lajut »
Samantha Bee Hosts #MeToo-Themed Thanksgiving DinnerThe 'Full Frontal' host was joined by Tarana Burke, Megan Twohey, Jodi Kantor, Chanel Miller and June Barrett to discuss how the MeToo movement has evolved and how it should move forward in the right direction.
Baca lebih lajut »
Bumble Bee is in talks to file for bankruptcy and sell itselfTwo years after Bumble Bee Foods pleaded guilty to price-fixing, the canned tuna producer is in talks with FCF Fishery to buy it during a bankruptcy reorganization, sources say.
Baca lebih lajut »
Ride-Hailing App Juno Enters Bankruptcy, Blaming Wage LawNew York ride-hailing business Juno USA LP filed for bankruptcy protection, blaming its demise on minimum wage regulations and mounting lawsuits from drivers, riders and competitors.
Baca lebih lajut »
A new law may fix student loan debt when filing for bankruptcy - Business InsiderStudent loan debt makes up half of total debt for bankruptcy filers that carry it. The Student Borrower's Bankruptcy Relief Act of 2019 may fix this.
Baca lebih lajut »