Peter Pan Seafood

Published on: February 17, 2025

Investment in Peter Pan Seafood Ends in Financial Loss and Economic Struggles

Alaska’s Permanent Fund trustees invested over $29 million in Peter Pan Seafood, a seafood processing company in King Cove, Alaska, as part of an effort to support local businesses. However, the company shut down, leading to financial losses for the state and economic hardship for the community.

The Permanent Fund, valued at approximately $80 billion, is a crucial part of Alaska’s economy. It provides annual dividends to residents and helps fund public services. Traditionally, the fund has focused on investments in global markets, but in recent years, state leaders have pushed to use the fund to support Alaska-based businesses. Peter Pan Seafood became one of the major investments under this new strategy.

Peter Pan Seafood had a long history in King Cove, where its seafood processing plant was a primary source of employment. However, in recent years, the company faced increasing financial difficulties due to aging infrastructure, rising operational costs, and shifting seafood markets. In 2021, McKinley Capital Management, an Anchorage-based firm, helped arrange the acquisition of Peter Pan Seafood using funds from the Alaska Permanent Fund. With limited experience in private equity and corporate restructuring, this raises concerns about whether the investment was properly vetted.

Published on: December 17, 2024

Peter Pan Seafood Pays $750,000 EPA Fine Settlement

by Nigel Stacey

The U.S. Environmental Protection Agency (EPA) has announced that PSF, Inc., formerly known as Peter Pan Seafood, has paid a $750,000 penalty for violating state and federal Clean Water Act permit requirements. These violations relate to seafood processing waste discharge limits designed to protect the marine environment.

The violations occurred at two seafood processing facilities located in Valdez and King Cove, Alaska. At the Valdez facility, PSF and Peter Pan Seafood discharged seafood waste beyond the permitted one-acre “zone of deposit”—an area where seafood processors are allowed to accumulate waste under specific conditions. Instead, a significantly larger seafood waste pile formed on the seafloor, impacting the local marine ecosystem. The Valdez facility is now owned and operated by Silver Bay Seafoods.

At the King Cove facility, PSF and Peter Pan Seafood discharged waste from a broken outfall system and at an incorrect depth, among other permit violations. These issues highlight the importance of maintaining infrastructure and adhering to established environmental regulations.

Published on: April 30, 2024

Peter Pan Seafoods in Receivership, $60 Million in Debt

by Joseph Stacey

The financial troubles of Peter Pan Seafoods have escalated. The King County Superior Court in Washington state has approved a request from Wells Fargo Bank to place the seafood processor into receivership. Peter Pan’s financial affairs will be overseen by the Los Angeles-based Stapleton Group.

The petition filed last week by Wells Fargo Managing Director Gary Harrigian asked the court to appoint Stapleton Group as controller of Peter Pan Seafoods assets.

Mr. Harrigian asserted in his petition that appointing a receiver was imperative “to protect, preserve and maximize the value of the business and assets, including, without limitation, the collateral, and its revenue-producing potential to avoid further loss, injury and impairment.”

Published on: April 16, 2024

Peter Pan Suspends Summer and Winter Production Indefinitely

by Joseph Stacey

Peter Pan Seafood’s future has been uncertain since January when the company disclosed plans to shutter its King Cove facility for the winter fishing seasons of cod, whitefish, and crab. Today, the company has officially announced it will “suspend operations at its processing facilities, ceasing both summer and winter production cycles indefinitely.”

The cessation of operations follows shortly after Peter Pan finalized an agreement with Silver Bay Seafoods. Silver Bay has officially acquired Peter Pan’s Valdez processing plant and will oversee the operations of Peter Pan’s facilities in Port Moller and Dillingham for the upcoming season.

The agreement raised numerous industry concerns, particularly regarding the future of the King Cove plant. Moreover, uncertainty lingers around the fate of the Port Moller and Dillingham facilities, with Silver Bay’s commitment limited to operating them for the upcoming “2024 salmon season.”

Published on: February 13, 2024

Fire at Peter Pan Seafood in Sand Point, Alaska

by Joseph Stacey

Fire-300x224 On Wednesday, February 7^th, 2024, a fire broke out at the Peter Pan Seafood facility in Sand Point, Alaska.

According to Edith Mejia, who serves as both the office manager and dispatcher for the police department, the fire likely began sometime between 7 a.m. and 8 a.m.

According to a press release issued by Peter Pan Seafood, both the warehouse and the nearby stockroom were affected by the fire. The company reported that there were no known injuries.

Published on: January 16, 2024

No Processing for Peter Pan Seafood at King Cove Plant

by Joseph Stacey

Peter Pan Seafood has been processing Alaskan seafood including salmon, halibut, crab, and caviar since 1912. With processing plants in Dillingham, Port Moller, King Cove, and Valdez, they employ approximately 1,310 people during peak season.

The fishing industry in Southwest Alaska is facing a significant blow as Peter Pan Seafood announced the decision to keep its large plant in King Cove closed for the winter. Peter Pan Seafood informed local officials of the closure last week. King Cove city administrator Gary Hennigh reported that the plant generates roughly one-third of the community revenue. The company will not be processing seafood which contributes nearly $2 million in yearly fish tax revenue to the small community.

Peter Pan Seafood has also announced that only workers from previous seasons will be hired for the 2024 A Season. Due to the number of returning workers and the closure of the King Cove processing plant, there will be no new hires will be interviewed according to the company website.