Lowenstein Sandler has been selected as counsel to the Official Committee of Unsecured Creditors in the bankruptcy case of Bumble Bee Foods (Bumble Bee). The company, along with several affiliates, filed for Chapter 11 protection on November 21, 2019, in the U.S. Bankruptcy Court for the District of Delaware. Bumble Bee reported approximately $1 billion in both total assets and total liabilities as of December 31, 2018. The company holds up to $638.6 million in outstanding term loan debt.
Bumble Bee, a San Diego-based shelf-stable seafood supplier, distributes a full line of canned and pouched specialty seafood products marketed in the United States under multiple household brand names. The company’s CFO asserts that the 2017 U.S. Department of Justice criminal price-fixing charges against Bumble Bee, alleging that the company and certain co-conspirators agreed to fix the price of shelf-stable tuna, left the company “beleaguered.”