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.