Bumble Bee Foods subsidiary Anova Food is blocking the company's proposed Chapter 11 Bankruptcy sale to Taiwan-based FCF Fishery, citing issues with an insurance claim.
"Any sale by the Debtor (Bumble Bee) should specifically exclude the $600,000 (€539,931) that was received from Hanover Insurance as these funds belong to Anova and are not property of the debtor and cannot be sold by the debtor," lawyers for the subsidiary said in a complaint filed with a Delaware court on Jan. 10.
The tuna giant purchased Anova in 2013 for an undisclosed amount. At the time, Anova was still involved in litigation with the insurance company Hanover for the insurer's failure to pay Anova's attorneys legal feels in a patent-infringement lawsuit.
Anova said in 2018 it recovered around $600,000 (€538,650) from Hanover, but only received $489,228 (€439,204) because the rest is being held by Bumble Bee, according to the complaint.
The court hearing for Bumble Bee's sale is set for January 23.
