William Brandt, Jr., Chapter 11 trustee for beleaguered China Fishery Group International (CFGI), has informed a New York bankruptcy court of his intention to sell a commercial office property that is partially occupied by some employees that are part of its parent company, Pacific Andes.
Brandt filed a motion June 21 to market and sell a whole floor of a commercial office building with an area of 5,425 square feet located at 143 Cecil Street in Singapore.
Nearly 63 percent of the space is occupied by Pacific Andes employees residing in Singapore, and the rest of the space is being leased to "two third parties which are affiliates of one group."
Those leases expire in 2021, Brandt said.
"As a result of staff reductions within the Pacific Andes group, the majority of the space in suites 1101 and 1104 occupied by Pacific Andes group employees, which is the majority of the floor, is significantly underutilized," Brandt told the court.
He said the value of the property is estimated from around $7 million-$8 million (€6 million-€7 million).
"It is in the overall benefit of the estate to liquidate the value of the whole floor and, if necessary, rent a much smaller office space for the remaining group employees," he said.
Brandt stated he has obtained a marketing proposal for the property from Propnex, Singapore’s largest listed real estate agency, and plans to list it on "multiple commercial real estate listing services in Singapore to generate interest in and identify potential buyers."
Brandt has been unable to sell Pacific Andes' Peruvian assets for two years now, which have a minimum sale threshold of $1.2 billion (€1.1 billion). Brandt sent materials in March to over 300 potential buyers "in an effort to reinvigorate bidding," the court filing states.
Brandt announced last month he had hired a consultant to help him shop the assets to sovereign wealth funds in the Middle East.Only days later, he announced that deal was off.
Trace the entire Pacific Andes bankruptcy saga at our dedicated page here.
