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.
Alaska commercial fishing news and notes
About me
- Deckboss
- I'm a journalist covering Alaska's commercial fishing industry. My real name is Wesley Loy. Reach me at wloy61@gmail.com.
Blog archive
-
▼
2009
(311)
-
▼
November
(38)
- Another perspective on the 32-foot limit
- Bigger boats at Bristol Bay?
- 'Cheesecake combat'
- UFA offers limited OK for ASMI hookup with MSC
- NMFS wins halibut charter case
- So long, Seattle
- Jury says Icicle owes hurt crewman $1.5 million
- Expo time!
- Man dies after fall overboard near Wrangell
- What? Alaska salmon not MSC-certified?
- $370 million worth of salmon!
- Pollock holds steady
- Sleeping well in Seattle
- That's a wrap for halibut
- Big Togiak herring quota announced
- Bristol Bay forecast: 30.5 million sockeye
- Sold!
- Are you too old for this job?
- The latest on Adak Fisheries
- Search ends without recovery of missing crewman
- Lawyers haggle over fate of Adak Fisheries
- Please be on the lookout
- Blotter
- Commission: Most of N. Pacific awash in salmon
- Reaction from Japan
- Trident reveals Adak interest
- Exxon payments might come by year's end
- Crab boat hobbled but OK in Bering
- Here comes the Exxon money
- Major ruling looks near in Exxon Valdez case
- More on the case of Coast Guard Capt. Hamilton
- Crewman with eye injury airlifted off longliner
- EPA proposes $177,550 fine for Haines processor
- Case against Capt. Hamilton disclosed
- 'Fishery porn'
- Salmon, sake and secrecy in Japan
- Behnken honored
- Capsized boat sinks during salvage effort
-
▼
November
(38)
12 comments:
This is a joke.How a Norwegian national can gain economic control of a multimillion dollar former U.S.
Naval base with the Aleut Corporation as an accomplice is
inexcusable.
The Honorable Judge Donald(Ronald?)
MacDonald has enabled the Solberg/Drevik/Independence Bank cod mafia to continue to produce subpar quality product which hurts the reputation of Alaskan caught Pacific Cod in Europe
This is a very depressing development. I'm sickened by the thought that Kjetil will be right back to his old tricks. I sure hope that Aleut Enterprise sticks to its claim that it won't work with the company if Kjetil is involved.
The court order says that the Eskimo Princess is included in the sale. There is no Eskimo Princess, since the boat was renamed the Adak Princess. Does that mean that Kjetil has once again managed to scam somebody?
What's all the fuss? Surely as an American national I would have the same opportunity to pick up an old naval base in Norway and go fishing for cod, as Kjetil/Drevik have here in Alaska; they are such nice people. I swear, our country is like a freakin flea market to the world.
Just another lead weight in the marketplace again."Adak Brand"
God made cod perfect, and Kjetil
transforms them to junk and dumps them cheap.
If all you can produce is shit out there,get into the muk-tuk market and leave the fish handling to us Yanks.
Hey cry baby morons- why didn't all of you bid for the plant if you are all so good? What a joke, you all sound so pathetic. Get a life. Wake up and smell the fish.
You mean smell the rotten fish?
Well, either way, we need this processor reopened for the Adakians. I want to see this City thrive.
I hope fraser is still involved; good guy.
Ill be watching this one. If Kjetil gets involved I feel sorry for Adakians. He has basically lost all credibility. I wonder who in their right mind would deliver to Adak if he is involved. As risky as the Stock market.
Actually much riskier than the stock market. Fishing for Adak fisheries is the poster for risk. Another thing what's with the whining about "a Norwegian national gaining control of a multimillion dollar former U.S. Naval base with the Aleut Corporation"? This country is all about free enterprise. The Norwegians made the winning bid. Should Trident have been awarded this deal? We all know what a price leader they are. It's dog eat dog out there. Choose a market, fish like hell, deliver and quit complaining. Don't like Kjetil? Fish the Bering Sea, Western or Central Gulf. Want to be a buyer? Go for it!
Last poster said: "Want to be a buyer? Go for it!"
---AEC and Adak Fisheries have certainly done all they could to try and keep anyone else from processing out there. Are they now embracing and welcoming competition?
welcome back kjetil! Thank you for providing the only jobs on this island!
Post a Comment