China Fishery Group International (CFGI) trustee William Brandt has received approval from a New York Bankruptcy Judge to move forward with his Chapter 11 sale plan for CFGI's lucrative Peruvian fishmeal operations.
As part of the plan, Brandt set the CFGI equity interest at $995 million (€827 million), according to court documents.
Brandt told the the court this month that 40 groups are interested in bidding on China Fishery Group (CFG), and made a motion asking for the court's approval of bidding procedures and authority to publish and auction and sale hearing notice.
