Whither Peter Pan?

Tomorrow, we may learn the ultimate fate of Peter Pan, the legacy Alaska seafood processor that halted operations earlier this year.

Contenders including Rodger May and Silver Bay Seafoods are vying for what remains of the company.

May is a Seattle-area entrepreneur who's been involved in everything from seafood to movies. He became the lead owner of Peter Pan in early 2021, when he and other investors acquired the distressed company from Japanese seafood titan Maruha Nichiro.

In April, Wells Fargo Bank petitioned for appointment of a receiver for Peter Pan.

Since then, the court-appointed receiver has moved to sell off Peter Pan's assets.

May's bid for the company's remaining assets has been deemed the top offer, valued at about $37.3 million.

Wells Fargo likes the offer, but several other parties have filed objections.

A hearing on approval of the sale of assets is set for tomorrow in King County Superior Court in Seattle.

A big canned salmon deal

The court-appointed receiver for Peter Pan Seafood is looking to sell the company's canned salmon inventory to Silver Bay Seafoods in a $27.3 million deal.

Silver Bay would use the inventory to help fulfill a U.S. Department of Agriculture contract, according to this motion filed in King County Superior Court.

Liquidating Peter Pan

The court-appointed receiver for Peter Pan Seafood Co. has filed his initial report outlining efforts to sell off the company's assets, including millions of dollars in canned and frozen fish inventory.

The report also summarizes several lawsuits pending against Peter Pan.

The receiver also discloses he has collected $5 million in insurance proceeds related to two fires that occurred before the receivership.

More trouble for Peter Pan Seafood

Wells Fargo Bank has filed a petition for appointment of a general receiver. The action is pending in King County Superior Court.