Peter Pan Seafoods in Receivership, $60 Million in Debt

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.”

Stapleton Group declined any initial comment on the receivership.

The petition filed underscores the financial strain faced by Peter Pan Seafoods, Alaska Fish Holdings, and Raymond Machine Shop, collectively owing over $60 million to Wells Fargo, an amount long overdue. This debt stems from a credit agreement initially established between Wells Fargo and Peter Pan Seafoods in July 2022, later amended on February 24, 2024.

Rodger May, the majority owner, who has not commented on the matter, acquired Peter Pan Seafoods from the Japanese seafood conglomerate Maruha Nichiro in 2021. The current ownership also includes Northwest Fish Co., the Na’-Nuk Investment Fund managed by McKinley Alaska Private Investment, and the RRG Global Partners Fund.

To alleviate financial burdens, Peter Pan Seafoods has taken steps to divest its seafood processing facilities in Valdez to Silver Bay Seafoods. Additionally, it has granted Silver Bay Seafoods permission to operate its facilities in Port Moller and Dillingham for the 2024 season, with potential acquisition plans post-season. Moreover, Peter Pan Seafoods has agreed to transfer licensing for its Demmings, Humpty Dumpty, and Double Q canned salmon brands to Silver Bay Seafoods.