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Fla. seafood processor files for bankruptcy

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By SeafoodSource staff
19 April, 2012 - City Magistrate Garfield Hurt has been given the task of representing the city in U.S. Bankruptcy Court in Jacksonville in the case of Mayport Wholesale Seafood, Inc.

The company, characterized by Mayor Deborah Ricks as “one of the largest in the city,” filed on March 28 for reorganization under bankruptcy court protection. The filing, termed Chapter 11, allows a company to attempt a fresh start, setting aside its debts, at least temporarily. The company’s creditors must agree to the reorganization plan in hearings before a bankruptcy judge. 

Mayport Wholesale Seafood owes Green Cove Springs about USD 45,000 for unpaid utility bills. Hurt told the city council in a Tuesday, April 17, meeting that the debt could be paid from company assets if the creditors reject the reorganization plan, forcing the company into foreclosure. The company operates as Ocean Galley Seafood, Inc. It was founded in 1986 in Mayport, east of Jacksonville. Three years later, the company’s growth required larger facilities and moved at that time to Reynolds Industrial Park on the south side of Green Cove Springs.

Click here to read the full story from Clay Today >

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