With mediation efforts ongoing, China Fishery Group (CFG) trustee William Brandt believes that the Peruvian fishmeal and fish oil maker will be able to achieve a "value-maximizing exit" from bankruptcy by the end of 2021, Undercurrent News reported. Brandt, who was appointed in 2016 by a New York judge to oversee CFG amid the $1.5 billion bankruptcy filing of its Hong Kong-based parent company Pacific Andes International Holdings (PAIH), said earlier this month that talks to resolve thorny issue holding up a sale of CFG are showing promise but will require more time to conclude. In the meantime, CFG has used up all but $5.5 million of a $45m loan it took from the company's own resources to pay the administrative costs of the bankruptcy proceeding. Brandt has asked Bankruptcy Judge James Garrity to approve increasing CFG's potential borrowing ceiling to $60 million.
