Pacific Andes-owned Corporacion Pesquera Inca (Copeinca) and CFG Investment SAC, the group’s Peruvian arms and principal subsidiaries engaged with fishmeal and fish oil production, reported improved results for the nine months ended June 28.
However, the groups expect "adverse effects" from the ongoing bankruptcy proceedings of their parent and Pacific Andes Resources Development's filing for Chapter 11 in the United States, should a trustee be appointed.
Jessie Ng, CEO of parent Pacific Andes, said in a note filed Friday the appointment of a trustee could result in a "value destruction" of the Peruvian fishmeal business, something the wider group has experienced as a result of the previous imposition of the joint provisional liquidators in November 2015.
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