Waldoboro, Maine, U.S.A.-based American Unagi has filed for voluntary Chapter 11 protection in what the company called a strategic step to facilitate a sale and restructure of the business.
American Unagi broke ground on its USD 10 million (EUR 8.5 million) recirculating aquaculture system (RAS) facility in 2021, and began operating the eel farm in 2023. The company said it is the only large-scale producer of domestically grown eel, and its Gluten Free Eel Kabayaki Fillet product won the Best New Foodservice Product award at the 2025 Seafood Excellence Awards.
In a statement sent to SeafoodSource, American Unagi said the decision to initiate the Chapter 11 process came after “careful consideration” and is intended to enable a smooth transition to new ownership. The company will continue to operate while the Chapter 11 process is underway.
“We’ve obtained financing and the Chapter 11 process will allow us to realign our financial structure with the strong operational foundation we’ve built, giving the company the opportunity to attract new partners that strengthen our business and allow us to continue to grow the domestic eel aquaculture industry,” American Unagi CEO and Founder Sara Rademaker said.
The company said it expects the Chapter 11 process to “progress swiftly” and will hopefully be completed by the end of the year.
“We are deeply grateful for the continued support of our employees, customers, and partners,” Rademaker said. “Their commitment and belief in our mission have fueled our growth over the past decade. This new chapter will allow American Unagi to emerge stronger, more focused, and ready to thrive under new ownership.”
In a release, the company said its sale will be led by the Portland, Maine office of Corporate Finance Associates, and that it is encouraging interested buyers to reach out.
American Unagi’s bankruptcy filing indicates it has estimated assets of between USD 1 million and USD 10 million (EUR 852,000 and EUR 8.5 million), and estimated liabilities of between USD 10 million and USD 50 million (EUR 8.5 million and EUR 42.6 million). It also shows the ownership structure is split between a number of shareholders, with the two largest being Rademaker and Indian Township Enterprises LLC, a company owned by the Passamaquoddy Tribe of Maine.
The filing also indicates the company’s largest unsecured creditor is RuralWorks, with American Unagi owing the company USD 3.3 million (EUR 2.8 million). RuralWorks invests in rural businesses that generate community wealth and economic resilience, and it invested in American Unagi in early 2024.
The second-largest unsecured creditor is Pavan Enterprises, with a claim of USD 895,000 (EUR 736,000). The remaining unsecured claims are all significantly smaller, with the largest held by Central Maine Power – an electrical supply company – with a claim of USD 39,000 (EUR 33,000).
