Bumble Bee Foods Has Filed for Bankruptcy
Wibbitz - Business
11/22/2019 | 59 sec | NOT-RATED
Bumble Bee Foods Has Filed for Bankruptcy. Canned seafood brand Bumble Bee Foods announced their decision to file for Chapter 11 bankruptcy protection on Nov. 21. . Bumble Bee plans on selling it assets for roughly $925 million to its largest creditor, Taiwan-based FCF Fishery. The sale would be a loss for Bumble Bee’s owner, Lion Capital, as the private-equity firm acquired Bumble Bee for $980 million in 2010. . The bankruptcy proceedings are reportedly meant to help facilitate the sale, as well as reduce Bumble Bee’s overall debt burden. . Bumble Bee currently owes the U.S. Department of Justice $17 million, after the company was fined $25 million in 2017 for “price-fixing” their products. . Despite its bankruptcy, Bumble Bee Foods is expected to continue its U.S. and Canadian operations.