By SeafoodSource staff
Published on 09 April, 2012
A Massachusetts-based firm that has several lobster buying stations along the Maine coast and a processing plant in the local village of Prospect Harbor still is working to straighten out its cash flow problems, a company official said Monday.
Lobster Web Co. has not been buying or processing lobster for more than two weeks, since TD Bank froze its checking accounts on March 23. Officials with the bank have declined to comment on the situation.
The company, which is owned by Live Lobster in Chelsea, Mass., has money in those frozen accounts and has been trying to line up different financing through another lender, according to Vice President Toni Lilienthal.
The company has not been operating because it has not been able to write checks to pay its employees or the fishermen it buys lobster from, Lilienthal has said. She said Monday that Lobster Web still is trying to fix the problem.
“Hopefully, it will work out,” Lilienthal said.