US tuna giant Bumble Bee Seafood is considering filing for bankruptcy as it tries to repair the financial damage following its guilty plea to price-fixing charges and ongoing legal proceedings in the US tuna collusion case, reports Bloomberg.
According to sources involved, the company is considering a court-supervised restructuring under Chapter 11, among other options, which include finding a potential buyer. Sources told Bloomberg that any buyer would have to deal with the same financial challenges.
The company hired turnaround firm AlixPartners LLP in July in an attempt to recover after pleading guilty to fixing prices in the price-fixing case, which also involves canned tuna giants Starkist and Chicken of the Sea.
