AMERICAN SAMOA TUNA CANNERY SOLD

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PAGO PAGO (July 11, 1997 -SAMOA NEWS)---The sale of American Samoa's Samoa Packing tuna cannery and its San Diego, California-based parent company, Van Camp Seafood, has been approved by the US Bankruptcy Court in Los Angeles.

Tri-Union, which is paying US $92 million for the property, will be the new owners in 30 days.

The three shareholders of Tri-Union are Thai Union (50%), the largest seafood cannery in Asia;, Tri-Marine International, which bills itself as one of the largest tuna trading companies in the world; and Edward Gann, an independent US flag tuna purse seiner boat owner and operator.

When the sale is complete, the proceeds will be used to settle the debts of Van Camp Seafood. First on the list is US$68 million in secured debt owed to Prudential Insurance and Bank of America.

Stories from the SAMOA NEWS, American Samoa's daily newspaper, may not be republished without permission. To contact the publisher, send e-mail to >samoanews@samoatelco.com

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