Embattled China Fishery Group is looking to consolidate a raft of inter-company claims to the tune of $624 million (€506.3 million), through a process known as “netting," in a bid to ease potential buyer concerns and facilitate the sale of its Peruvian business.
According to court documents the “settlement agreement” details a process of netting the inter-company claims among and between CFG Peru Singapore, other debtors, and non-debtor affiliates including CFG Peru Singapore Subsidiaries.
A hearing on the motion will be held before Judge James Garrity, in the United States Bankruptcy Court on March 14.
