Rodger May was the highest bidder at an auction of most of Peter Pan Seafoods’ assets, beating out rival Silver Bay Seafoods.
May, who acquired 50 percent of Peter Pan Seafoods in 2021, agreed to pay more than USD 37.32 million (EUR 33.38 million) for three processing facilities and groundfish quota, among other assets. That beat Silver Bay’s bid of USD 37.07 million (EUR 33.17 million) and 19 other bidders, according to a purchase and sale agreement dated 19 September and posted publicly 20 September.
The assets were auctioned on 16 and 17 September after Peter Pan entered receivership in April 2024 at the behest of Wells Fargo, its largest creditor. They include seafood-processing facilities in Dillingham, Port Moller, and King Cove, Alaska, U.S.A., as well as support facilities in Naknek and Sand Point. They also include a one-third ownership stake in a warehouse in Seattle, Washington, where the company was based. The Peter Pan Fish and Ikura brands, branded supplies, Bering Sea cod and crab quota, an American Fisheries Act permit, and unspecified seafood inventory were also included in the package.
May’s purchase, which will be split between USD 25.3 million (EUR 22.6 million) in cash and USD 12 million (EUR 10.7 million) in credit previously lent by May to Peter Pan, must still be verified by the judge overseeing the case at a 3 October hearing in Seattle.
The breaking up of Peter Pan has been riven by contention. In August, Silver Bay Seafoods won a bid to acquire Peter Pan’s frozen seafood assets for USD 27.3 million (EUR 25 million), despite May’s ostensibly higher bid. May has argued ...
