Court rules Nautisco solvent

Nautisco Seafood Manufacturing, once Cambodia’s premier seafood-processing company, will not undergo government-brokered restructuring after a Cambodian appeals court yesterday declared the company solvent. The ruling was a first test for the law on corporate restructuring and insolvency. The decision sounds positive for the company. But now the case will leave the courts and return to the boardroom, where the majority shareholders, a group of Canadian and Ukrainian citizens, must re-engage minority shareholder Leopard Capital after extended infighting. A US$2 million debt and the future of the Sihanoukville-based seafood plant will also be on the agenda. “We would like to do this under the jurisdiction of the Cambodian court because we would like all sides to respect Cambodian law,” Anatoliy Korobitsyn, a majority Nautisco shareholder, said during the hearing. In January, the Phnom Penh Municipal Court ordered the company into a “plan of compromise” in which the court would work as an arbitrator to solve disputes. …

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