Pacific Andes Resources Development files for Chapter 11 protection

SINGAPORE - Pacific Andes Resources Development (Pard) on Friday announced that it has taken steps to ensure the continuation of its transparent, comprehensive and fully effective restructuring process.

The beleaguered fish seller said it has obtained Chapter 11 protection through voluntary court filings.

This is against "the precipitous actions of a bank creditor, Maybank, which has filed a petition, with the support of Rabobank, in the Supreme Court of Bermuda to wind up Pard, in addition to - without notice - an application for the appointment of provisional liquidators over Pard", it said in a statement.

"Those actions by a single bank creditor would have destroyed value for the majority of creditors and stakeholders.

"Pard's filings will allow the orderly and transparent restructuring of the group under the supervision of the United States court," the statement added.