William Brandt, Jr., Chapter 11 trustee for beleaguered China Fishery Group International (CFGI), is asking a New York bankruptcy judge to reject a group of creditors' restructuring plan that would ultimately see them take full ownership of the company's entire Peruvian operations.

The creditor group represents holders of China Fishery Group's senior notes and club loans.

As part of the plan, creditors would inject $150 million (€124.1 million) in new financing to support continued operations and growth of the business and more than $700 million (€579.1