Bumble Bee Foods said on Thursday that it has filed for Chapter 11 bankruptcy protection, with an agreement from Taiwan-based FCF Fishery its largest creditor to purchase its assets for roughly $925 million.
The bankruptcy proceedings are meant to reduce debt burden of Bumble Bee caused by recent and significant legal challenges and help facilitate the sale. In 2017, the company pleaded guilty to price fixing and was fined $25 million for forming a cartel with Chicken of the Sea and Starkist. It still owes $17 million to the U.S. Department of Justice, according to its bankruptcy filing.
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