A PYMNTS Company

Judge approves FCF’s purchase of Bumble Bee Foods

By  |  January 26, 2020
Bumble Bee

US Bankruptcy Court Judge Laurie Silverstein has approved Fong Chun Formosa (FCF) Fishery Company’s bid for Bumble Bee Foods, giving the Kaohsiung, Taiwan-based tuna supplier ownership and control over the iconic American brand.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    In November 2019, FCF entered a stalking-horse bid for Bumble Bee, which had filed for chapter 11 bankruptcy in the US state of Delaware. FCF has long been one of Bumble Bee’s top suppliers of albacore, skipjack, yellowfin, and bigeye tuna.

    On Tuesday, January 21, a scheduled auction for Bumble Bee was called off after no other bidders emerged. The sale was finalized by Silverstein in a court hearing on Thursday, January 23.

    FCF will pay a base price of US$925.6 million for Bumble Bee, according to court documents. It will also take on nearly all of Bumble Bee’s liabilities, including US$17 million still due as part of the company’s guilty plea to fixing the prices of canned tuna in an antitrust case brought by the US Department of Justice.

    Full Content: Seafood Source

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.