New York (CNN Business) Bumble Bee Foods filed for bankruptcy on Thursday, blaming its "recent and significant legal challenges."

Taiwanese fish supply chain company FCF Co. plans to put in a $925 million bid for the assets. The deal is expected to be completed within 90 days.

Bumble Bee CEO Jan Tharp said in a statement that "it's been a challenging time for our company," but the move should allow the brand to continue business as usual.

"Employees will get paid, our customer partners can count on us to continue delivering outstanding brands and services, and vendors will be paid in the ordinary course of business," he said. In addition to canned tuna, Bumble Bee sells sardines, clam juice and other fish products.

The troubled brand, owned by London-based Lion Capital, was embroiled in a price-fixing scheme that drained its resources. Lion Capital did not immediately respond to a request for comment on the filing.

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