China Fishery Group

[BlueKelah]

another one down the drain... there are still quite a few counter starting with China ****** to go

[CY09]

http://infopub.sgx.com/FileOpen/PARD-Ann...eID=384380

Pacific Andes, parent of China Fishery, has indicated that there are plans to sell its Peruvian business at an enterprise value of US$1.7 Billion. From China Fishery's balance sheet, it seems the company will have US$500 Million (approx 20cents per share) leftover after debts are repaid.

[dydx]

http://infopub.sgx.com/FileOpen/PARD-Ann...eID=384380

Pacific Andes, parent of China Fishery, has indicated that there are plans to sell its Peruvian business at an enterprise value of US$1.7 Billion. From China Fishery's balance sheet, it seems the company will have US$500 Million (approx 20cents per share) leftover after debts are repaid.

We must not forget that not only the subsidiary CF (listed on SGX) Group, but the entire PA Group under ultimate parent PAIH (listed on SEHK) are involved in the same interlocked fishery related (fishy!) businesses. It is difficult to imagine that the lenders, trade creditors or minority shareholders could come out from this mega financial fiasco unscathed.

[money]

Classic case study of expansion gone wrong. Chasing growth by piling on debt after debt lays the seed for disaster. Can oxley holdings be grouped under the same category???

[CityFarmer]

More debt issue on the company to tackle...

China Fishery missed coupon payment on bonds as S&P cuts rating

SINGAPORE (Feb 2): China Fishery Group Ltd., the Hong Kong- based seafood supplier that has missed debt payments, failed to pay a coupon on its dollar bonds, according to Standard & Poor’s.

S&P cut its long-term corporate rating to D from SD, it said in a statement Monday
...
http://www.theedgemarkets.com/sg/article...uts-rating

[BlueKelah]

China Fishery, Pacific Andes file for bankruptcy protection in the U.S.

as expected end of the LINE....

[sgpunter]

Rotten fish...hard to imagine that China Fish used to trade at a few dollars based on my recollection.

Another name added to the long list of S-Chip casualties. Sadly, retail investors lose out again.

[lilvestor]

I used to be vested in this. You can check my blog under "Investment Mistakes" to see my comments on China Fishery.

Disclaimer: Not an inducement to buy or sell.

Wow I just read your blog and it appears that you actually owned but managed to divest several very poor investments like EZRA, CFG and Swiber at a very good profit in 2009/2010, the timing of those trades were simply phenomenal! 

In hindsight the 2009/2010 post GFC bull market was just a bubble that lifted all boats, things have now crashed back to reality and it just goes to show that fundamentals do matter in the long run.

[CY09]

https://www.undercurrentnews.com/2016/07...uncertain/

Intersting to note how banks are now claiming that China Fishery/Pacific Andes prepayments by Russian Suppliers are not well documents/bordering on the premise of false revenue/prepayments.

I wonder when the whole event unfolds will it reveal any "mis-representation" of accounting statements. And also makes me wonder the robustness of auditors in their annual checks

[money]

ridiculous financing... "9.75% is somewhere decent in the middle of valuation range."

Obviously the management will claim to grow at a rate above 9.75%, if it was that easy to generate an ROE above 10%, many competitors will be attracted into this fishing industry...

If you own a company that has to tap on 9% financing, you had better try to find a new (and silly) owner for your company

Fast forward to today, the state of affairs is pathetic. The many banks that made huge loans to fund CFG's growth must have felt stupid. I recall epicentre taking up a loan at high interest rate recently, can we expect it to suffer the same fate?