Shin Nihon Global (SNG), an importer of both crab and salmon to Japan and a distributor of fresh and frozen seafood, declared Chapter 11 bankruptcy and applied under Japan's Civil Rehabilitation Law for relief with debts of ¥12 billion (€91 million/$123 million), according to Nikkan Suisan Keizai Shimbun.
Tokyo-based SNG filed the application March 19 at the Tokyo District Court, Teikoku Data Bank said on the same day, after poor performance led it to seek financial aid.
A bailout seems likely as Japanese firm Nippon Ham, who purchased a substantial share of the struggling company in October, is set to invest in the remaining shares to fully acquire the company.
Christophe
