artwork for news feed headlines

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.

Click here to read the full story from the Bangor Daily News >

Market Report

Latest videos and photos

Seafood Minute

Events

seaweb-seafood-summit-circleSeaWeb Seafood Summit

9-11 February 2015
New Orleans, Louisiana

The SeaWeb Seafood Summit brings together global representatives from the seafood industry with leaders from the conservation community, academia, government, and the media for in-depth discussions, presentations, and networking around the issue of sustainable seafood. Read More