THE appointment of provisional liquidators for China Fishery Group has been discontinued, its parent company said on Tuesday.
Pacific Andes Resources Development did not state why, but news reports said that Hong Kong-listed Pacific Andes International Holdings had been given approval by the courts to continue with its US$1.7 billion plan to sell off its stake in China Fishery on top of the latter's Peruvian assets.
The Hong Kong court has also refused an appeal from China Fishery's lender HSBC over the above ruling. It will provide reasons for its decision at a later date.
HSBC on Nov 25 last year had filed for a winding up petition with the Hong Kong High Court which led to China Fishery and Hong Kong-listed China Fisheries International landing up in provisional liquidation.