(WHDH) — Bumble Bee Foods — one of North America’s largest branded seafood companies — has filed for bankruptcy.
The San Diego-based company filed for Chapter 11 bankruptcy protection last week, announcing that it has entered into an asset purchase agreement with affiliates of FCF Co., Ltd. for $925 million, according to a news release.
Bumble Bee says the need to reduce a debt burden caused by recent and significant legal challenges led to the bankruptcy filing.
In May 2017, Bumble Bee agreed to plead guilty for its role in a conspiracy to fix the prices of shelf-stable tuna fish, such as canned and pouch tuna, sold in the United States, the Department of Justice announced.
“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,” Jan Tharp, President and Chief Executive Officer for Bumble Bee, said in a news release. “We have an experienced leadership team in place and plan to transform our business in bold and innovative ways that will build a legacy worthy of our proud 120-year-old history.”
Bumble Bee says it intends to promptly file bid procedures and sale motion, along with the purchase agreement.
Tharp noted that she expects that the transaction will move swiftly and close within three months.
“It is our clear intent that all U.S. and Canadian operations continue uninterrupted. Employees will get paid, our customer partners can count on us to continue delivering outstanding brands and services, and vendors will be paid in the ordinary course of business,” Tharp added.
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