Bumble Bee files for bankruptcy

[Stevicus]

Bumble Bee files for bankruptcy

Tuna maker Bumble Bee Foods said 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 Bumble Bee’s debt burden caused by “recent and significant legal challenges” and help facilitate the sale. In 2017, the company pleaded guilty for 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.

I never realized things were so sordid in the tuna business.

Apparently, there's been a decline in tuna demand.

 

[PoetPhilosopher]

Only time I use tuna is with my macaroni and cheese.

 

[Subduction Zone]

Only time I use tuna is with my macaroni and cheese.

EEew!

My sister in law from Costa Rica makes a very good tuna and tomato salad. I am trying to remember the ingredients. Otherwise I like tuna poke and a lightly seared raw tuna. In other words, sushi quality tuna that is raw just below the surface. Canned tuna is not my thing.

 

[Saint Frankenstein]

I love tuna. Sad.

 

[Bob the Unbeliever]

Bumble Bee files for bankruptcy



I never realized things were so sordid in the tuna business.

Apparently, there's been a decline in tuna demand.

That's unfortunate. We don't even get that brand here-- stores just don't carry it.

I've re-discovered tuna and fresh tomato sandwiches (on rye, with lite mayo). yum...!

 

[Subduction Zone]

That's unfortunate. We don't even get that brand here-- stores just don't carry it.

I've re-discovered tuna and fresh tomato sandwiches (on rye, with lite mayo). yum...!

Dang it, now you reminded me of a small dairy store that I used to go to. Besides really good milk, they also made some sandwich. They made a really tasty tuna melt.

 

[sun rise]

It used to be a great brand.

 

[Jainarayan]

It doesn’t mean they’re going out of business. It just means they’re getting time from their creditors to restructure their finances.

 

[Subduction Zone]

According to the article part of the problem was a significant fine the company was hit with, and still owes money in. They were involved in a price fixing scheme with Starkist and Chicken of the Sea.

 

[SomeRandom]

Bumble Bee files for bankruptcy



I never realized things were so sordid in the tuna business.

Apparently, there's been a decline in tuna demand.

Oh, I thought this was about the Transformer. I was confused, surely Bumblebee is more savvy when it came to his pay checks.

 

[Revoltingest]

EEew!

My sister in law from Costa Rica makes a very good tuna and tomato salad. I am trying to remember the ingredients. Otherwise I like tuna poke and a lightly seared raw tuna. In other words, sushi quality tuna that is raw just below the surface. Canned tuna is not my thing.

I prefer canned tuna to that raw stuff on sushi.
It's great with balsamic vinegar on it.

 

[PoetPhilosopher]

I prefer canned tuna to that raw stuff on sushi.
It's great with balsamic vinegar on it.

What they call 'sushi', isn't generally raw.

You're thinking of sashimi.

 

[Revoltingest]

What they call 'sushi', isn't generally raw.

You're thinking of sashimi.

Actually, "sushi" is about the vinegared rice.
And there is indeed raw tuna on some sushi.
I avoid raw fish...not cuz of the potential danger, but
because I dislike the texture, & find the taste bland.

 

[Estro Felino]

Only time I use tuna is with my macaroni and cheese.

Lol....Americans...

You eat spaghetti with meatballs (unseen in Italy) whereas spaghetti are the only pasta that goes with fish (tuna, sardines, ...)

 

[Stevicus]

They were involved in a price fixing scheme with Starkist and Chicken of the Sea.

Yeah, the article said they formed a cartel. It sounded all so sordid.

The Bumble Bee was blackmailing the Mermaid from Chicken of the Sea and Charlie the Tuna over the photos from their affair. It turned out the Mermaid was a Russian spy who broke off the relationship and left a note: "Sorry Charlie." That sent Charlie into a rage, and now the Bumble Bee sleeps with the fishes.

 

[Bob the Unbeliever]

I prefer canned tuna to that raw stuff on sushi.
It's great with balsamic vinegar on it.

Absolutely, balsamic vinegar. I also really like Worcestershire sauce too.

Or if I'm out of either of those? A few flakes of sea salt.

 

[Revoltingest]

Absolutely, balsamic vinegar. I also really like Worcestershire sauce too.

Or if I'm out of either of those? A few flakes of sea salt.

I haven't tried wussdishere sauce on it.
Now I must!

 

[Jainarayan]

Lol....Americans...

You eat spaghetti with meatballs (unseen in Italy) whereas spaghetti are the only pasta that goes with fish (tuna, sardines, ...)

Pasta con sarde! Toasted breadcrumbs instead of grated cheese.

 

[Stevicus]

Update: Bumble Bee ex-CEO is convicted in tuna price-fixing conspiracy

Bumble Bee Foods former Chief Executive Chris Lischewski was convicted in a price-fixing conspiracy, capping a years-long U.S. investigation that shook the packaged-seafood industry and pushed Bumble Bee into bankruptcy protection last month.

Lischewski was found guilty Tuesday by a federal jury in San Francisco after just a few hours of deliberations in what experts say is likely the final piece of the Justice Department investigation. Prosecutors alleged that Lischewski conspired with colleagues and executives at rival companies on a “peace proposal” in order to boost prices and meet earnings targets set by Bumble Bee’s 2010 sale to Lion Capital.

The former CEO faces up to 10 years in prison and a fine of $1 million, according to the indictment. His lawyer, Elliot Peters, declined to comment.