Thursday's bankruptcy court filing by Hong Kong seafood processing giant Pacific Andes and several related companies is the culmination of a long string of financial trouble stretching back years.
The company, on an seemingly unstoppable rise for years, first ran into major trouble when Russian officials began their crackdown on foreign-owned vessels, and alleged China Fishery's vessel operating agreements violated the country's quota ownership rules.
Not long after, China Fishery was drawn into an aggressive bidding war for Peruvian fishmeal supplier Copeinca that many said was far overvalued. The acquisition led to high gearing, compounding the company's problems.
Securities investigations and bond defaults followed, setting an even bigger crisis in motion.
Here's a time line for the key events in the company's collapse:
July 1 - Pacific Andes announces it will delay plans to sell of Peruvian operations
June 30 - Pacific Andes declares bankruptcy in a US court
May 2016 - Pacific Andes companies among those named in Panama Papers
April 2016 - Investment advisor says "short list" identified to acquire Peruvian operations
April 2016 - Trident Seafoods acquires Pickenpack's The Seafood Traders
April 2016 - Greenland Seafood acquires Gelmer for €1
February 2016 - S&P, Fitch downgrade China Fishery
January 2016 - Pacific Andes, China Fishery default on bond payments
January 2016 - Pacific Andes says deal reached with HSBC for sale of Peruvian operations
December 2015 - Pacific Andes CEO Joo Siang Ng steps down, is replaced by sister Jessie Ng
December 2015 - Pacific Andes subsidiary Pickenpack enters bankruptcy with debts in the 'double digit millions'
November 2015 -Moody's further downgrades China Fishery rating
November 2015 - HSBC asks Hong Kong court to wind up China Fishery after group fails loan payment
October2015 - Moody's downgrades China Fishery over debt concerns
August 2015 - Board member representing Carlyle Group steps down from China Fishery
August 2015 - Singapore Stock Exchange opens investigation into unnamed members of Pacific Andes' management over financial irregularities
March 2015 - Fitch upgrades Copeinca ratings
November 2014 - Moody's downgrades China Fishery on El Nino outlook, Fitch revises Copeinca outlook up
June 2014 - Pacific Andes sells off property arm
May 2014 - Pacific Andes sells its $90 million stake in Tassal Group, pocketing over $30 million in profit
March 2014 - Pacific Andes begins terminating controversial long term supply agreements in Russia
July 2013 - Fitch downgrades China Fishery's rating as a result of the highly leveraged offer for Copeinca
February 2013 - Pacific Andes subsidiary China Fishery makes NOK 3.15 billion (€421.5 million/$556 million) cash offer for all the shares in Copeinca, Peru’s second-largest fishing group and fishmeal producer. The offer sparks a bidding war with Norwegian group Cermaq, and ends with Pacific Andes making a $778 million (€604.4 million) offer for Copeinca.
July 2012 - Russian officials open investigation into Pacific Andes over China Fishery Group's activities over alleged quota ownership. The investigation begins a process that will ultimately lead to a forced exit from operating in the country, a huge blow to China Fishery's revenues.
March 2012 - Pacific Andes CEO and member of founding family Ng Joo Siang is listed on Malaysia's 40 richest list by Forbes
Click here for more IntraFish coverage of Pacific Andes' financial crisis.
---
For more seafood news and updates, follow us on Facebook and Twitter or sign up for our daily newsletter.
