A Canada judge has signed off on the sale of insolvent Prince Edward Island (PEI)-based lobster processor South Shore Seafoods and six of its subsidiaries to US-based crab supplier Phillips Foods.
The transaction allows Phillips to take on "substantially all of the property, assets and undertakings of the companies," according to documents filed by Deloitte Restructuring in the the Court of King’s Bench of New Brunswick Trial Division.
Deloitte is the court-appointed monitor for South Shore Seafoods and its related companies and is authorized to act as a trustee for the companies in the insolvency case.
