China Fishery, Pacific Andes file for bankruptcy protection in the U.S.
It wants to prevent a fire sale of its assets.
Singapore-listed China Fishery Group and its parent company, Hong Kong-based Pacific Andes, have filed for chapter 11 bankruptcy protection in the United States, according to a report by Wall Street Journal.
By filing for bankruptcy in New York, the company will receive the benefits of U.S. bankruptcy law, including the so-called automatic stay preventing bondholders and other creditors from any from seizing its assets.
Read the full report here.
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