As tuna producer Bumble Bee Foods (teeters towards bankruptcy, it is reportedly in talks with FCF Fishery for a sale of the company.

Bumble Bee Foods is expected to reorganize the company through a Chapter 11 filing as soon as this week with Taiwan-based FCF Fishery emerging as the stalk-horse bidder, sources for Bloomberg said. However, the sources said that no deal is set and terms could change at any time.

FCF Fishery is looking to bid about $925 million for Bumble Bee Foods, which would breakdown into about $275 million in equity and about $650 million of debt while paying down a portion of the company’s existing debt lien, according to sources for the news outlet.

Bumble Bee is looking to file Chapter 11 after being involved in a federal price fixing-case, where it reportedly conspired with Starkist Co. and Chicken of the Sea Inc. to fix and raise the price of canned tuna from 2011 to at least late 2013.

Bumble Bee pleaded guilty to the conspiracy charges and has agreed to cooperate in an investigation, but claimed the $81.5 million fine handed down could make the company insolvent. The fine was reduced to $25 million by the U.S. Department of Justice.

Bumble Bee Tuna Bumble Bee Foods may have a buyer as it looks to file Chapter 11 bankruptcy. Bumble Bee's chunk light tuna can food Photo: Getty Images/Geri Lavrov