Lawyers yesterday worked out a sale of troubled processor Adak Fisheries to a newly formed Norwegian-backed concern called Adak Seafood LLC.
Here's the order signed by U.S. Bankruptcy Judge Donald MacDonald.
Adak Seafood got the plant on Adak Island, way down the Aleutian chain beyond Dutch Harbor, for $488,000 in cash plus assumption of $6.7 million in loans from Independence Bank of Rhode Island.
The sale price "is millions of dollars higher" than a competing bid from Trident Seafoods Corp., the judge's order notes. Trident didn't offer to take on the bank debt.
It appears the key to the deal was the pledge of certain sums to satisfy Aleut Enterprise, the processor's landlord on Adak.
The order says the sale should clear the way for the plant to open in time for the lucrative Pacific cod season in January.
That would be a good scenario for the young community of Adak, which is counting on its only fish plant to help to convert the former Cold War military outpost into a viable civilian town.
But never mind the island's future. Deckboss just wonders how long it'll take Kjetil Solberg to turn up again at Adak.
Dutch Harbor report
1 week ago