Bumble Bee Foods Has<br />Filed for Bankruptcy.<br />Canned seafood brand Bumble Bee Foods<br />announced their decision to file for Chapter 11<br />bankruptcy protection on Nov. 21. .<br />Bumble Bee plans on selling it assets<br />for roughly $925 million to its largest<br />creditor, Taiwan-based FCF Fishery.<br />The sale would be a loss for Bumble Bee’s<br />owner, Lion Capital, as the private-equity firm<br />acquired Bumble Bee for $980 million in 2010. .<br />The bankruptcy proceedings are reportedly<br />meant to help facilitate the sale, as well as<br />reduce Bumble Bee’s overall debt burden. .<br />Bumble Bee currently owes the U.S. Department<br />of Justice $17 million, after the company was fined<br />$25 million in 2017 for “price-fixing” their products. .<br />Despite its bankruptcy, Bumble Bee<br />Foods is expected to continue its<br />U.S. and Canadian operations.
