Chicago, 19th November:
A U.S.-based subsidiary of Pico Far East Holdings has filed for
bankruptcy. Pico Chicago has filed for Chapter 7 bankruptcy in the state
of Illinois.
Pico
Chicago is a part of another Pico subsidiary, Pico North America.
According to trade media reports, the assets of Pico Chicago were less
than US$500,000, but the firm has current liabilities of between US$1
million and US$5 million.
In March 2010, another Pico North America subsidiary, Pico Atlanta also announced plans to file for bankruptcy.
Overall, Pico Far East Holdings continues to grow strongly. Revenues in the six months ending 30th
April 2012 were up 30%. The company’s Hong Kong-listed share price is
HK$1.97 - close to a 52-week high and Pico’s market cap is approximately
US$310 million.
This post is excerpted from BSG's weekly
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