Bankrupt Adak Fisheries acquired

By

SeafoodSource staff

Published on
November 11, 2009

Adak Fisheries has been acquired by a new entity for nearly USD 488,000 (EUR 328,277 million) in cash and USD 6.7 million (EUR 4.5 million) in debt, according to documents filed in U.S. Bankruptcy Court in Anchorage, Alaska, on Wednesday.

The sale includes the company’s processing plant and equipment in Adak, Alaska, and the vessel Eskimo Princess, which was titled to T&S Fisheries.

The newly formed entity is called Adak Fisheries LLC. The USD 6.7 million debt is owned to Independence Bank.

The company filed for Chapter 11 bankruptcy protection in September. According to court documents, Adak Fisheries has assets of USD 10 million to 50 million (EUR 6.7 million to 33.6 million), and among its unsecured creditors are Drevik International AS of Norway, Aleut Enterprise LLC of Anchorage and Trident Seafoods Corp. of Seattle.

Founded in 1986, Adak Fisheries processes pollock, cod, halibut, sablefish and crab in the western Aleutian Islands.

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