Bonamar owes more than USD 22 million, lawsuit claims

Published on
February 20, 2019

A major United States seafood importer and processor owes its creditor more than USD 22 million (EUR 19 million), according to a new lawsuit.

Santander Bank said that Medley, Florida-based Bonamar Corp. and Argenis Contreras, who serves as the president and CEO of the company, have not paid the remaining approximately USD 22 million on a USD 25 million (EUR 22 million) loan. 

The bank and Bonamar agreed to a loan up to USD 30 million (EUR 26 million) in January 2017, according to the complaint filed in the U.S. District Court for the Southern District of New York. However, Bonamar later agreed to a reduced loan amount of USD 25 million (EUR 22 million).

On 11 February, 2019, Santander demanded payment of the loan in full, but Bonamar did not pay, according to the complaint.

An importer and processor of crabmeat and seafood products, Bonamar distributes its seafood to many major foodservice and retail grocery companies across the United States. 

Bonamar has been growing rapidly, with the acquisition of Brea, California-based seafood importer and processor International Pacific Seafoods, in March 2018, helping it expand to the West Coast.

It also acquired Newton, Massachusetts-based International Marketing Specialists Inc., last August. IMS is an importer and private-label packer of fresh and frozen value-added seafood products and sells products under the DelicaSea brand.

When Santander Bank first agreed to loan up to USD 30 million to Bonamar, Santander heaped praise on the company. “Bonamar offers a robust product line and has a solid reputation in the industry, making it an attractive company to work with as it strengthens its position in the marketplace,” said Michael Richard, head of seafood lending at Santander, in a press release at the time.

Bonamar did not respond to SeafoodSource’s request for comment.

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