Corporate digest

China Fishery Group

HSBC, the bank that called in the liquidators on China Fishery Group last year, has now struck an agreement with the company and its other lenders. In a Singapore Exchange announcement on Sunday night, parent Pacific Andes Resources Development said China Fishery entered into the deed of undertaking on Jan 20. HSBC agreed to remove and terminate the appointment of the KPMG joint provisional liquidators, among other things. Within 21 days of the deed, an interim payment of US$3.1 million will be paid to KPMG provided it seeks approval of such costs and expenses from the Cayman and Hong Kong courts. However, the KPMG liquidators are refusing to be discharged until the interim payment is paid immediately before approval of the amount by the courts. Their costs are increasing and are now US$3.2 million. But the company said it is committed to doing what is necessary to terminate the appointment of the liquidators.

Sabana Reit