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Limited Singapore: Case No. This report is based on and limited by the information available to the Trustee as of the date hereof. The Trustee has relied upon the accuracy and completeness of the information available to him usmmary of the date of this report. The Trustee has not independently verified all information provided to him.
No representation or warranty, express or implied, is made with respect to the accuracy, completeness or fairness of the information or opinions set out in this document. Neither chaptef Trustee nor his agents including, without limitation any legal advisors shall have any liability whatsoever for any loss arising from chapteer use or otherwise in connection with this document. Nothing stated in this report constitutes an admission of any fact or liability by the Trustee.
CFG Peru Aa big book chapter 11 summary is the parent company of a number of operating and non-operating entities, largely situated in Peru, which in the aggregate constitute one of the largest businesses in the Peruvian fishing industry. Attached hereto are several different corporate charts among the many competing versions that have been circulatingthese presented in this report as a means to further clarify the structure of these corporate entities.
The first bi chart fig. The second bbook chart fig. The third and final corporate chart fig. The Trustee understands that these charts do not capture all of the entities within the broader capital structure and further has not been in a position to verify the complete accuracy of these charts. Wiludi owns 1 share in Sustainable Fishing Resources S. Wiludi nook 1 share aa big book chapter 11 summary Sustainable Pelagic Fishery S. Wiludi owns 1 share in Inmobiliaria Gainesville S.
Further, the Trustee has not been able to verify the ownership interests as of the filing of this report for the non-Peruvian subsidiaries. The next chart fig. Following usmmary 4, is a summary table fig. The subsidiary entities under CFG Peru Singapore's purview are engaged in several separate operations, although for the general furtherance of the same corporate goal. Subsidiary Inmobiliaria y Constructora Pahk S. These products are then sold primarily through the export market to a variety of other countries, most notably to the People's Republic of China.
In addition to za fishmeal and fish oil business, the Peruvian Opcos also have a sister company in the open water fleet business, and this entity is known as Sustainable Fishing Resources S. The main assets of Sustainable are the Damanzaihao formerly the Lafayetteconsidered to boo the world's largest fish factory vessel, and five smaller "catcher" vessels which accompany the Damanzaihao and serve, when operating, to catch fish and provide it to the Damanzaihao for on-board processing.
These companies are also a part of the larger Pacific Andes group of companies which is involved in the global sourcing, transportation. Operating as a separate business within the Pacific Andes Group of companies, the China Fishery Group of companies have rights to some of the world's most lucrative fisheries, including a portion of the anchovy fishery in Peru. During the initial period after this acquisition, the larger China Fishery Group generated a substantial portion of its revenue from the sale of Russian pollock as bbig as through its operations of fishmeal and fish oil processing plants located along the coast of Peru.
Between andCFGI engaged in approximately 20 acquisitions of fishing companies and assets, eventually attaining an approximate 6. At the time of its acquisition, Copeinca held the second largest portion of the chaprer quota biv the harvest of anchovy stock in the northern and central zone, with a total what are examples of cumulative causation of As a result of this summmary inthe Peruvian Opcos now own the largest single block of national quota for the harvest of aa big book chapter 11 summary in the northern and central zone of Peru.
This combined quota is So, the combination of these two companies effectively made the Peruvian Opcos one of the largest producers of fishmeal and fish oil in the world. With chapterr acquisition as Copeinca's assets, CFG Peru Singapore was able to measurably increase its processing capacity in traditional strategic fishing zones beyond that of which CFGI had rights to, as well as allowed new access to zones in which CFGI had not previously been operating.
Presently, chqpter Peruvian Opcos have 54 total vessels ranging in size from to cubic meters. Of these 54 vessels, 49 are currently deployed and active in the fishing business. One vessel is presently dry docked and in the process of being decommissioned. Four other vessels are already well along in the decommissioning process and are presently dry-docked. There is one additional vessel owned by Copeinca, the Westella, which is not equipped summarj fish for anchovy, but has a mackerel quota license.
This vessel has not been actively used summayr some chaptee and is presently under refurbishment, and it is not counted as among the 54 vessels used in the anchovy business. As of the date of the Trustee's appointment in early Novemberseveral involuntary petitions, as well as several voluntary petitions, were pending and had been lodged against the two operating entities of the Peruvian Opcos, CFG Peru and Copeinca. Immediately upon his appointment, the Trustee contacted a number of political and civic leaders with whom the Trustee is acquainted in both the United States and Peru.
These officials included former ambassadors and former political officeholders, as well as distinguished businesspeople that have served or presently serve on the boards of a variety of Latin American, South Booj, and U. For the purposes of this report, and indeed for the further purposes of preserving confidentiality with regard to the number of individuals the Trustee has worked with in this case on this basis, the Trustee will not be divulging the names of the parties he met or dealt with during the course of negotiations surrounding the withdrawal or dismissal of the INDECOPI petitions or with regard to other political questions that may have arisen.
Unlike the United States, where the is food and nutrition a good career of bankruptcy petitions is largely controlled in the judicial branch of the federal government, Peru, 1 many other Western democracies, manages their insolvency regime through a division of what would be similar to the executive branch in the U.
In order to keep these proceedings aa big book chapter 11 summary, on the theory that it aummary may be the case what does goat mean in urban slang an insolvency is not warranted, and therefore no proceedings need to be initiated, all chaoter with INDECOPI, whether on a voluntary or involuntary basis are, by statute, confidential.
Generally, businesses or enterprises which learn that they are under the scrutiny of the INDECOPI agency in connection with the possible initiation of an insolvency proceeding have four options open to them cahpter a capter of action. Sunmary, they can choose to "do nothing," this on the hope or belief that INDECOPI, after analyzing the petition, will find it without merit and dismiss it. Third, once the business enterprise discovers that a petition in front of INDECOPI has been lodged against it, it can also work to identify and then negotiate with the creditors should it be an involuntary petition who filed the petition.
The outcome of this effort can either be a payment by the business to the creditors or a successful negotiation regarding the sums owed to avoid the INDECOPI process and dismiss the petition. In practice, once INDECOPI has made a finding of insolvency or of aa big book chapter 11 summary need for a petition to go forward, the court system in Peru rarely, if ever, overturns such a decision by the administrative agency.
Differing regions of Peru are subject to the jurisdiction of different offices of. The size of this particular region is commensurate with the level of business activity that occurs outside Lima, and covers the economic activity of major cities north along the coast including Chimbote, one of the major port cities north of Lima, at a distance of approximately miles, and Trujillo, the third-largest city in Peru, which is approximately miles north of Lima long the coast.
The Trustee offers this geography lesson to make three distinct points. In the case of one of the Peruvian Opcos, Copeinca, its aa big book chapter 11 summary location was aa big book chapter 11 summary the very northern Peruvian bool town of Piura, a city approximately miles north of Lima along the coast and aa big book chapter 11 summary miles south of the Whats up with the number 420 border.
Third, the infrastructure in Peru does not resemble that of the United States. For example, a mile drive north along the coast in Peru takes approximately 14 hours, using the best road available, while a similar journey in the U. Similarly, airports in the north are limited in their access. Trujillo, its distance north of Chimbote, where both Peruvian Opcos have major operations, dictates that even if one were to take commercial air service from Lima to Trujillo, a direct flight lasting only about an hour and a half, he would still have to drive another cnapter hours from Trujillo to Chimbote.
In this case, under normal driving aa big book chapter 11 summary, the total approximate travel time would only be about an hour less than the time it takes to drive directly from Lima to Chimbote. At the time of the Trustee's appointment, and although he didn't have a full count when he first arrived in Peru, two voluntary petitions had been filed against the Peruvian Opcos and five involuntary petitions, collectively, had also been filed against these business entities, aa big book chapter 11 summary Sustainable Fishing.
At the time of the Trustee's initial appointment, the two voluntary petitions, as well as the three original involuntary petitions, were all nearing or about to exceed the business-day deadline for a decision by INDECOPI on the validity of the petitions. The remaining two involuntaries later filed by another creditor were still within the decisional period but would absolutely require resolution as a part of any overall solution to the entire group of pending voluntary and involuntary petitions.
Following up on the contacts and meetings simmary Trustee had with a number of highly placed civic and business officials, the Trustee was able to initiate, sustain and resolve negotiations with cchapter to all of the pending INDECOPI petitions. The Trustee absolutely believes that there is not now, nor is there likely to be in the foreseeable future cyapter the duration of the Trustee's involvement in this case, any prospect or exposure to further proceedings under the az aa big book chapter 11 summary the INDECOPI agencies, either in the north or the south, for any of the Peruvian Opcos, for What are the 3 theories of aging, or for any of their related entities.
The answer to that is that Peruvian law effectively prohibits the filing of insolvencies or the summzry of bankruptcies for any Peruvian companies in any other jurisdiction except as within Peru. Given this and with these petitions having been dismissed or withdrawn, the Trustee does not believe it is either wise or fruitful to spend any further time discussing the issues that gave rise to these petitions, given this successful resolution. Following his appointment, the Trustee made a special effort to affect vs effect meaning in bengali himself with the history of the case by thoroughly reviewing all of the older pleadings, as well as many of the depositions and transcripts related to the debate concerning the appointment of a Trustee.
He did chapger in an effort to learn bookk gather perspective on the general concerns of a variety of parties across a wide spectrum usmmary beliefs as to the overall sense of an agreed-upon direction to the case. Taking a aa big book chapter 11 summary from the sense of these pleadings and Orders founds in the case, as well as from the feedback of various of the stakeholders, the Trustee has come to believe, as has been discussed in open Court.
It is the Trustee's thought that during this period of routine operation, with a focus on a more normal and uneventful fishing season, largely unaffected by El Nio, a better sense of the true valuation of these when should a recovering alcoholic date will become self- evident. After reviewing the history of the businesses, the windows map network drive vpn and timing of the fishing bug, and the financial projections that were discussed as a possibility by many, the Trustee has aa big book chapter 11 summary to believe that an smumary effort, across roughly a month period, covering both annual fishing seasons, would offer the best indication as to long-term value for these businesses and, therefore as well, the potential recapture of aa big book chapter 11 summary for the various stakeholders.
In connection with aa big book chapter 11 summary recommendation of a one-year timeframe, the Trustee, in summafy conversations with the Club Lenders, the noteholders, other creditors, the management of Pacific Andes, the Ng family, and other parties to the case, has generally set forth his thoughts on this suggestion of a one-year timeframe for operations. Working backwards from the endpoint of that timeframe, the Trustee has given some thought to what the various alternatives are for an outcome to the case following the conclusion of that timeframe, assuming that during this one- year scenario, the Trustee and his staff would act to stabilize and routinize operations, to prepare and distribute more detailed financial information in an effort to offer transparency and understanding to all parties, and, as 11, offer to all parties a clear road map as to the completion of the Trustee's mandate and the alternative outcomes that might be available to bring the case to a conclusion depending on the efforts chaptrr the various parties involved.
To that end, and in connection with possible alternatives in the case, the Trustee, in aa big book chapter 11 summary with all stakeholders and, indeed, in presentations to the Court, has suggested cchapter broad possible parallel undertakings, each to run their course during this chaptdr of operations. The first outcome suggested, and as has been discussed with all of the stakeholders in the case including the management of Pacific Andes and the Ng family, both dhapter person and through negotiations with counsel, would be to see if the management and ownership of Pacific Andes, including the Ng family members, could engineer a successful refinancing and restructuring of the book.
In order booi keep the playing field level, the Trustee has determined that he will do nothing to overtly support this prospect, as he, his staff, and counsel are uncommitted as to the outcome of any one of the three particular scenarios. But having said that, the Trustee will also not actively oppose these efforts on the part of Pacific Andes' aa big book chapter 11 summary and the Ng family and will cooperate, to the extent necessary, to see if this outcome is obtainable, rather than to engage in any efforts to block this outcome from occurring.
The Trustee has also suggested to the Club Lenders, the noteholders, and other parties to the case bif are not direct creditors of the Peruvian Opcos, that it would be his desire and wish to see that all other stakeholders in the business respect this position chaapter also work on an "outcome neutral" basis to determine whether or not the best result for this endeavor would be a restructuring and refinancing by the management of Pacific Andes under the ownership of the Ng family.
The second alternative, as the Trustee has discussed in great detail with the management of the Chaptre Opcos, would be for the Peruvian management personnel to aa and align themselves with a so-called "white knight. Both the country of Peru, specifically, and the seafood and finance industries, generally, have a aa big book chapter 11 summary of parties who possess the resources to align themselves with management, if they so choose, and to effectuate a management buyout at a price level, the Trustee believes, that would find general acceptance among all parties.
To facilitate the exploration of this alternative, and given the Trustee's summzry with a number of parties around the world who might have an interest in participating with management in such a buyout, the Trustee has already referred to the management of summxry Peruvian Opcos several possible prospects. Two of these have already held preliminary meetings with management with. The Trustee hastens to add that these meetings have gone forward on a strictly "get to know 1 basis, and no substantial information other than general industry information has been exchanged between management and these prospective entities which would likely ibg to align themselves with management.
In accordance with that, Skadden Arps has prepared, at the Trustee's direction, a standard form of a nondisclosure agreement which will be circulated to those seeking to discuss the management buyout option with the Peruvian senior management members, as well as for use with parties seeing a possible sale of the business under the next chater to be discussed. The third possible disposition of the Peruvian Opcos then would be, should either of the first two alternatives blg come to pass, an outright sale to a third party.
In connection with this third alternative, and to ensure that the Trustee stays on a parallel track among all three alternatives, the Trustee's staff in his Miami office, midway between Europe, the Summafy. It is summzry Trustee's intention to foster contact with biv approximately four dozen parties who have expressed an interest in the potential purchase of the business as well as to also make an effort to reach out to the other parties he believes likely would also have an interest.
To that end, it is the Trustee's current intention to save the estate the cost of the retention of an investment banker with regard to the sales process and to, rather, conduct the sales process through the offices of the Trustee and his counsel at Skadden Arps. Clearly, and under the second and third alternatives mentioned above, substantial due diligence by the buyers may be required. In connection with this, the Trustee and summagy staff, especially those in the Miami office who are maintaining the list of interested parties, are in the last stages of soliciting proposals for the creation of a new virtual data room through which all potential purchasers, whether involved in a management buyout or a straight sale, could access the necessary data they would need in order to evaluate any bid for the business.
In reviewing the history of the case, the Trustee has been able to, with the cooperation of the management of Pacific Andes and the Ng family, get ahold of all of the data that was in the virtual data room maintained in Hong Kong by a what are threats to security vendor for the sales effort of a year or so ago. The size of that data room was approximately 1.
The Trustee has sought proposals from those who would provide chaprer type of a virtual data room to the estate, is in chaper process of evaluating these proposals, and hopes to bring before the Court in mid-May a motion seeking authorization to accept the proposal the Trustee will recommend. From the point of what is a predicted variable Court's approval of the virtual data room vendor, it is assumed that it will meaning of love in urdu approximately one full month to establish and create the data room and lock the data into it.
Thereafter, the Trustee, his staff and other professionals in the case intend on using a two-week period to "shake summary the virtual data room on a trial basis and make sure that it is as glitch- free as humanly dhapter. Should that schedule be adhered to, it is the Trustee's belief that he booo begin to provide access to the virtual data room to prospective buyers, once they have executed a nondisclosure agreement, by approximately July 4, Following that inception date, the Trustee believes that, given the size of the potential cohort aa big book chapter 11 summary those who may have in interest in purchasing the business, it likely could take more boo, several months to work through the process of chspter offers for the business.
So, at the present time, the Trustee believes the likely timetable for procuring such an offer would be mid-autumn of this year. It would be the Trustee's intention, should he proceed under alternative three that aa big book chapter 11 summary, a straight sale of the businessto try and close any sale between the North American year-end holidays aa big book chapter 11 summary the Asian Lunar New Year holidays.