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pacific andes intl hldg ltd (1174) Details

Pacific Andes International Holdings Limited, through its subsidiaries, operates as an integrated seafood company in the People’s Republic of China, Japan, Korea, Southeast Asia, South America, Europe, West Africa, Australia, and Others. It operates through Frozen Fish Supply Chain Management, and Fishery and Fish Supply segments. The company is involved in the fishing, fishmeal and fish oil processing, supply chain management, onshore and offshore processing, and international distribution of various frozen seafood products; and contract supply business. It produces a range of frozen fish fillets, portions, and other value-added seafood products for its own labels, as well as customers’ brands. The company also owns and operates fishing or transportation vessels, as well as owns China fishery fleet, including two super-trawlers, five catcher trawlers, and one factory vessel. It serves wholesalers, processors, food service companies, and retailers. The company was founded in 1986 and is headquartered in Sai Wan, Hong Kong. Pacific Andes International Holdings Limited is a subsidiary of N.S. Hong Investment (BVI) Limited.

5,900 Employees
Last Reported Date: 06/18/15
Founded in 1986

pacific andes intl hldg ltd (1174) Top Compensated Officers

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Compensation as of Fiscal Year 2017.
pacific andes intl hldg ltd
Reorganization Plan and Disclosure Statement Filed by China Fishery Group Limited

China Fishery Group Limited filed a plan of reorganization with related disclosure statement in the US Bankruptcy Court on September 29, 2017. A separate plan of reorganization and disclosure statement are being prepared for the CFGL/PARD Plan Debtors and PAIH Plan Debtors. As per the plan filed for CFGL/PARD, administrative claims, fee claims, priority tax claims and other priority claims shall be paid in full in cash. Allowed Secured Claim against any of the CFGL/PARD Plan Debtors shall receive, at the election of the CFGL/PARD Plan Debtors payment in full in Cash or Reinstatement of their claim. CFGL Unsecured Facility Claim which includes Club Facility Claims of $418.2 million, 9.75% Senior Notes Claims of $300 million, Bank of America CFGL Group Facility Claims of $27.9 million and Standard Chartered CFGL Group Facility Claims $1.5 million shall receive, in full and final satisfaction, payment in full in Cash. CFGL General Unsecured Claims shall be reinstated and debtor will continue to pay or dispute each CFGL General Unsecured Claim in the ordinary course of business. Taipei Fubon Term Loan Claims of $72 million shall receive, in full and final satisfaction, for such Claim Pro Rata share of the Super Investment Debt; provided, however, that, if the Peru Sale Transaction provides Cash proceeds in an amount greater than the Sale Reserve Price, then Allowed Taipei Fubon Term Loan Claims shall be satisfied with a Cash distribution up to the full amount of such Claims from the Super Investment Cash Pool. Allowed PARD Bond Claim of $146.6 million, CITIC Banking Facilities PARD Claims of $59.1 million, Maybank PARD Group Facility Claims of $62.8 million, Standard Chartered PARD Group Facilities Claims of $27.5 million, UOB Banking Facilities Claims of $23 million, Rabobank PARD Group Facility Claims of $22 million, Bank of America PARD Group Facility Claims of $14.9 million, DBS PARD Group Facility Claims of $8.9 million and Sahara Loan Claims of $6.2 million shall receive, in full and final satisfaction, for such Claim its Pro Rata share of (i) the PARD Equity Pool and (ii) the Litigation Trust Interests; provided, however, that, if the Peru Sale Transaction provides Cash proceeds in an amount greater than the Sale Reserve Price, then Allowed Claims shall be satisfied with their Pro Rata share of (up to the full amount of such Claims) (i) the PARD Cash Pool and (ii) if such Claims are not paid in full in Cash, the Litigation Trust Interests. PARD General Unsecured Claim shall receive, in full and final satisfaction, for such Claim shall receive, in full and final satisfaction, for such Claim its Pro Rata share of (i) the PARD Equity Pool and (ii) the Litigation Trust Interests; provided, however, that, if the Peru Sale Transaction provides Cash proceeds in an amount greater than the Sale Reserve Price, then Allowed Claims shall be satisfied with their Pro Rata share of (up to the full amount of such Claims) (i) the PARD Cash Pool and (ii) if such Claims are not paid in full in Cash, the Litigation Trust Interests. The Intercompany Claims shall be paid, adjusted, continued, settled, Reinstated, discharged, eliminated, or otherwise managed, in each case to the extent determined to be appropriate by the CFGL/PARD Plan Debtors or Reorganized CFGL/PARD Plan Debtors in their sole discretion. Allowed CFGL Intercompany Interests and PARD Intercompany Interest shall be reinstated. Existing CFGL Interests shall retain their Existing CFGL Interests subject to dilution on account of the Reorganized CFGL Interests issued in accordance with the Plan. Existing PARD Interest shall receive no distribution on account of such Interest; provided, however, that, if the Peru Sale Transaction (or an alternative transaction) provides Cash proceeds in an amount that satisfies in full all Claims against the PARD Group, then each holder of an Existing PARD Interest shall receive its Pro Rata share of such residual value. The CFGL/PARD Plan contemplates a comprehensive financial and operational restructuring of the CFGL/PARD Plan Debtors through (i) a restructuring of the PARD Group and the CFGL Group around the existing assets of the CFGL Group and the PARD Group funded by a $255 million investment by the Plan Sponsor5 in exchange for 50.5% of Reorganized CFGL and a $625 million Exit Credit Facility or (ii) a sale of the CFGL Group’s Peruvian entities to a third party for a price greater than $1.15 billion in Cash (the “Sale Reserve Price”). If the Peru Sale Transaction does not provide Cash proceeds in an amount greater than the Sale Reserve Price, then the Plan leaves intact the CFGL Group’s business, including the Peruvian assets, to operate under Reorganized CFGL, the equity of which will be allocated among the Plan Sponsor (50.5%), public holders of CFGL equity (13.88%), holders of Taipei Fubon Term Loan Claims (through an equity-backed debt instrument, 15.62%), holders of Allowed Unsecured PARD Claims (19.80%), and public holders of PARD equity (0.20%). As per the plan filed for PAIH Plan Debtors, Other Priority Claims shall be paid in full in cash. Other Secured Claims shall be either paid in full in Cash or Reinstated. Holders of Allowed Plant Related Facility Claims which includes Agricultural Bank of China Facility Claims of $54.8 million, Industrial and Commercial Bank of China Facility Claims of $32.5 million, China Minsheng Working Capital Loan Claims of 28.6 million, Bank of Communications Facility Claims of $26.5 million and CITIC ($22.2) Working Capital Facility Claims of $21.7 million shall receive their Pro Rata share of the applicable amended and restated facility, which facilities shall have their respective maturity dates extended by two years. Holders of Allowed Mortgage Facility Claims which includes DBS Banking Facility Claims of $44.4 million and Fubon Mortgage Loan Claims of $5.9 million shall either receive payment in Cash from the proceeds of the sale of their collateral or have their Claims Reinstated. Holders of Allowed Maybank PATM Term Loan Claims of $95 million shall receive their Pro Rata share of 33.31% of the Reorganized PAIH Interests (in addition to recoveries under the Allowed Maybank PATM Term Loan Guarantee Claims). Holders of Allowed Unsecured Facility Claims which includes Rabobank NFS Facility Claims of $88.4 million, Standard Chartered Banking Trade Facility Claims of $8.4 million, CITIC Banking Facilities PAIH Claims of $22.36 million, Maybank Banking Facilities Claims of $40 million, Pickenpack Letters of Comfort Claims, Europaco Rabobank Trade Facility Claims of $17.1 million, KBC Facility Claims of $10.3 million, UOB Banking Facility (Europaco) Claims of $7.4 million, Fubon Factoring Facility Claims of $14.4 million and Allowed Maybank PATM Term Loan Guarantee Claims shall receive their Pro Rata share of 53.48% of the Reorganized PAIH Interests. Holders of Allowed Teh Hong Eng Loan Claims of 158 million shall receive their Pro Rata share of 12.21% of the Reorganized PAIH Interests. Holders of Allowed General Unsecured Claims shall receive payment their Pro Rata share of $0.6 million. Allowed PAIH Intercompany Interests shall be reinstated. Holders of Existing PAIH Interests (other than N.S. Hong) may retain their Interests, which will be diluted to 1% of the Reorganized PAIH Interests, in exchange for the holders of the necessary majority of such Interests taking the steps necessary under applicable law to give effect to the terms of the Restructuring as set forth in the Plan. The PAIH shall be funded by issuance of new equity and debt.

Bidding Procedure Approved for CFG Peru Singapore

The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of CFG Peru Singapore’s direct or indirect equity stake in non-Debtor subsidiaries—CFG Investments S.A.C. and Corporacion Pesquera Inca S.A.C. (“Peruvian OpCos”). on August 25, 2017. As per the order, to qualify as a qualified bidder and deadline for execution of a Stalking Horse Agreement, if any, interested parties should submit their bids by December 8, 2017. The debtor has scheduled an auction on December 13, 2017. At the Auction, participants will be permitted to increase their bids. Bidding will start at the purchase price and other terms proposed in the applicable Baseline Bid, and will proceed thereafter in $5 million. The transaction is expected to close on January 15, 2018. The sale hearing is scheduled December 20, 2017.

Motion for Asset Sale Filed by CFG Peru Singapore

William A. Brandt, Jr., Chapter 11 Trustee filed a motion in the US Bankruptcy Court for the sale of CFG Peru Singapore’s direct or indirect equity stake in non-Debtor subsidiaries—CFG Investments S.A.C. and Corporacion Pesquera Inca S.A.C. (“Peruvian OpCos”) on July 26, 2017. The trustee seeks the Court’s approval for the sale of its interest in Peruvian OpCos to the highest bidder at the public auction. To qualify as a qualified bidder and deadline for execution of a Stalking Horse Agreement, if any, interested parties should submit their bids by December 8, 2017. The debtor has scheduled an auction on December 13, 2017. At the Auction, participants will be permitted to increase their bids. Bidding will start at the purchase price and other terms proposed in the applicable Baseline Bid, and will proceed thereafter in $5 million. The transaction is expected to close on January 15, 2018.

 

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