KAOHSIUNG, Taiwan\u2014FCF Co., Ltd. announced Friday that it has entered into a purchase agreement with California-based Bumble Bee Foods to acquire substantially all of the company\u2019s assets and to ensure that the 120-year-old provider of healthy and nutritious shelf-stable seafood continues to serve its valued customers.<\/p>\n
Bumble Bee is undertaking the proceeding under chapter 11 of the U.S. Bankruptcy Code in Delaware, U.S., and the Companies’ Creditors Arrangement Act in Canada. Bumble Bee has received new financing commitments from its existing lenders that will provide sufficient liquidity to fund the business through the closing of the sale.<\/p>\n
FCF\u2019s proposal is subject to a court-supervised auction process designed to achieve the highest or otherwise best offer for Bumble Bee. Bumble Bee expects to conduct such auction in January and, if successful, FCF intends to close the acquisition during the first quarter of 2020.<\/p>\n
\u201cIt has been a challenging time, but we believe strongly in the company, the executive leadership team, the employees, customer partners and vendors,\u201d said FCF president Max Chou. \u201cFCF values our 30-year business relationship, whereby we have consistently supplied Bumble Bee with sustainable and socially-responsible fishery products. We have undertaken a thorough and prudent review of the initiative and are excited to help position Bumble Bee for long-term success.” (PR)<\/p>\n","protected":false},"excerpt":{"rendered":"
KAOHSIUNG, Taiwan\u2014FCF Co., Ltd. announced Friday that it has entered into a purchase agreement with…<\/p>\n","protected":false},"author":28,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-312725","post","type-post","status-publish","format-standard","hentry","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/312725","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/28"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=312725"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/312725\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=312725"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=312725"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=312725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}