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US: Bumble Bee files bankruptcy amid antitrust suits

 |  November 24, 2019

Bumble Bee Foods, the largest North American brand of packaged seafood, filed for bankruptcy amid criminal fines and civil lawsuits stemming from a federal price-fixing case with plans for its assets to be acquired by FCF for about US$925 million.

The canned-tuna purveyor sought creditor protection under Chapter 11 in Wilmington, Delaware, listing assets and liabilities of as much as US$1 billion each, according to court papers. It has arranged a US$80 million term loan from its current lenders and a US$200 million revolving credit facility to keep operating while in bankruptcy, the documents showed.

Bumble Bee, based in San Diego and owned by London-based private equity firm Lion Capital, pleaded guilty in 2017 to conspiring with Starkist and Chicken of the Sea to fix and raise prices in the US.

The company flagged its financial distress at the time of sentencing, arguing the US$81.5 million fine initially levied could push it into insolvency. The US Department of Justice agreed, cutting the amount to US$25 million and giving Bumble Bee an installment plan over several years that required no more than US$2 million upfront.

Full Content: Grit Daily

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Top Antitrust Expert Joins Cravath from Paul Weiss Top Antitrust Expert Finch Joins Cravath from Paul Weiss

Top Antitrust Expert Joins Cravath from Paul Weiss

 |  January 21, 2025

Andrew Finch, a prominent figure in U.S. antitrust law and former top official at the Justice Department during the first Donald Trump administration, has made the move to Cravath, Swaine & Moore from rival firm Paul, Weiss, Rifkind, Wharton & Garrison. Finch, who most recently co-chaired the antitrust practice at Paul Weiss, is set to join Cravath’s litigation department as a partner in New York.

According to Reuters, Finch’s tenure at the Justice Department, where he served as principal deputy assistant attorney general and acting assistant attorney general in the antitrust division between 2017 and 2019, underscores his expertise in the field. His work in government, alongside his clients at Paul Weiss, including Spirit Airlines, Uber, and Mastercard, makes him a valuable addition to Cravath’s team. At Cravath, Finch will focus on advising clients on antitrust investigations, litigation, and merger reviews, according to the firm’s announcement.

In a statement, Faiza Saeed, Cravath’s presiding partner, highlighted Finch’s credentials, noting that his experience “will be invaluable to our clients as they navigate an increasingly complex regulatory environment.” Saeed’s comments reflect the growing demand for expert guidance in the fast-evolving antitrust landscape.

The news of Finch’s departure from Paul Weiss comes just after the inauguration of President Donald Trump for his second term, a timing that adds another layer of significance to the move. A Paul Weiss spokesperson expressed well wishes to Finch, acknowledging his contributions to the firm.

Cravath’s decision to bring Finch aboard is part of a broader trend where the firm, historically known for promoting from within, has increasingly looked outside for top-tier talent. In recent years, Cravath has recruited several former government officials, including a trio of regulatory experts in 2022 to open a new office in Washington, D.C. This follows the 2022 hire of Noah Phillips, a former commissioner at the U.S. Federal Trade Commission during the Trump administration, who now co-chairs Cravath’s antitrust practice alongside Christine Varney, a former U.S. assistant attorney general for antitrust under the Obama administration.

Source: Reuters