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FCF Co. Ltd. agrees to acquire Bumble Bee Foods assets
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Posted on Nov 25 2019
KAOHSIUNG, Taiwan—FCF 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’s assets and to ensure that the 120-year-old provider of healthy and nutritious shelf-stable seafood continues to serve its valued customers.
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.
FCF’s 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.
“It has been a challenging time, but we believe strongly in the company, the executive leadership team, the employees, customer partners and vendors,” said FCF president Max Chou. “FCF 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)
