Bumble Bee Foods to sell assets as company files for bankruptcy

Bumble Bee Foods to sell assets as company files for bankruptcy
Credit: Shutterstock.com/ littlenySTOCK

Bumble Bee Foods, the North American branded shelf-stable seafood company, has filed for bankruptcy and entered into an asset purchase agreement to sell its assets for $925 million.

The company, which sells a range of seafood and speciality protein products, said it had secured new financing commitments from its existing lenders to “provide sufficient liquidity” to fund it through the closing of the sale.

Affiliates of Taiwan’s FCF Co – Bumble Bee Foods’ biggest creditor – have agreed to acquire the company’s assets for around $925 million. The transaction is expected to close within 60-90 days.

“It’s been a challenging time for our company but today’s actions allow us to move forward with minimal disruption to our day-to-day operations,” said Jan Tharp, President and CEO for Bumble Bee.

He added: “It is our clear intent that all US and Canadian operations continue uninterrupted.”