More of troubled Pacific Andes Group’s indirect subsidiaries filed for Chapter 11 bankruptcy protection on March 27, in a bid to “prevent adverse action” from third parties currently underway in the British Virgin Islands.
Golden Target Pacific Limited and Nouvelle Foods International Limited, both filed a voluntary petition for relief under chapter 11 of the United States Bankruptcy Code.
One of the primary reasons the Pacific Andes Group and other affiliated entities filed for relief under Chapter 11 in the first place was to bring its many creditors into a single forum so there could be an “efficient, effective and transparent” group-wide restructuring of the entire group’s capital structure.
The objective is to maximize value for all creditors and stakeholders, Pacific Andes said in a statement sent to shareholders.
The
