Poseidon Owes Creditors More Than $7.7m

Published on
January 20, 2009

Poseidon Seafood of Charlotte, N.C., which filed for Chapter 7 bankruptcy more than a month ago, disclosed on Monday that it has more than $21 million in liabilities.

Unfortunately for the several seafood suppliers, processors, and transportation companies that Poseidon owes money, the company listed only $5.5 million in assets in documents filed with the U.S. Bankruptcy Court in Charlotte on Jan. 19.

Poseidon, a large seafood distributor in the U.S. Southeast, closed its doors in November and laid off about 200 employees. At the time, the company blamed the country's economic downturn for its financial problems. It had distribution facilities in several Southeast cities, including Charlotte; Richmond, Va.; and Atlanta.

Aquachile and Rainforest Aquaculture, both of Miami, and Regal Springs Trading Co. of Bradenton, Fla., have filed claims with the federal bankruptcy court for the money that Poseidon owes them. Aquachile is owed more than $227,000, and Regal is owed more than $60,000.

Meanwhile, Poseidon left a host of other suppliers and processors in the lurch with more than $7.7 million in unpaid bills. Its creditors include Aquagold Seafood Co., $72,038; CapitalSea LLC, $167,297; Camanchaca, $374,278; Consolidated Catfish Producers, $120,919; Hilo Fish Co., $142,669; Kyler Seafoods, $208,349; Ocean Beauty Seafoods, $28,138; and SeaTrade International, $165,500.

Other large creditors include: Stavis Seafoods, owed $179,404; Icicle Seafoods, $257,163; Tasty Seafood, $242,746; and True North Salmon Co., $117,664.

Poseidon's additional liabilities include rent, bank loans and more than $1.2 million in office equipment and furniture. 

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