Here's an update on the bankruptcy case of Adak Fisheries LLC, the company that owns the lone fish processing plant on faraway Adak Island in the Aleutian chain.
It seems the debtor now agrees with the company's main creditor, Independence Bank, that the plant and its equipment should be sold to an outfit called Adak Seafood LLC.
This sale motion the lawyer for Adak Fisheries filed indicates the buyer would pay $488,000 in cash, and would also assume the $6.7 million in debt owed to Independence Bank.
We learn a lot of other very interesting things from this and other documents filed in recent days in U.S. Bankruptcy Court in Anchorage. To wit:
• Adak Seafood LLC was incorporated in Delaware on Sept. 4 and, as Deckboss reported on Sept. 29, is affiliated with Norwegian seafood company Drevik International. The court papers say Drevik was a major Adak Fisheries customer, and that "a group of Norwegian investors" is behind Adak Seafood.
• None other than Kjetil Solberg, who founded the Adak processor in 1998 but no longer owns it, "has a relationship to" the potential buyer, Adak Seafood. Solberg "would be involved in the operation of the plant if the purchase was successful," and in fact "may be in complete charge of the buyer's new operation," the sale motion says.
This would be a fairly amazing feat for Solberg, who has lost control of the Adak plant before, only to rally back. In 2005, for instance, during a dispute with a former partner and the plant's landlord, a judge barred Solberg from the property, the doors of which were actually padlocked for a time.
• The lawyer representing Adak Fisheries in the bankruptcy case writes in the sale motion that while Adak Seafood has made the only formal offer for the plant, the debtor "believes that there may be another offer coming, from Trident Seafoods."
The whole affair could reach a climax on Nov. 9, when a hearing is scheduled to consider the sale motion.
Dutch Harbor report
3 weeks ago