Tag Archives: American Seafoods

American Seafoods restructures debt, attracts new backers

After reeling in new capital, the company that calls itself “the largest harvester of wild-caught fish for human consumption in the U.S.” has reduced its debts from a previously estimated $900 million-plus to $740 million. CEO Bernt Bodal said the deal gives American Seafoods stability and adds as investors some experienced industry people with whom he’s had a “very, very long-term connection.” Those include Chris Lischewski, CEO of Bumble Bee Foods in San Diego; Amy Humphreys, former CEO of Seattle-based Icicle Seafoods; and Frank Dulcich, CEO of Mukilteo-based Pacific Seafood Group. Read the rest here 11:03

Financially troubled American Seafoods debt deal underway amid Rokke return talk

The majority of payment-in-kind (PIK) noteholders in troubled US fishing company American Seafoods Group has agreed a restructuring agreement with an unnamed investor, according to a note from ratings agency Standard & Poor’s (S&P). American Seafoods’ highly leveraged capital structure, with debts of over $900 million, includes over $125m of 15% PIK notes, “which continue to accrue interest and represents a growing liability on the company’s balance sheet”, wrote S&P in a note from January. Read the rest here 10:33  Financially troubled American Seafoods nears deal on debts Read the rest here 12:00

American Seafoods Settles Over Scale Tampering

A Seattle-based seafood company accused of stealing groundfish from the Bering Sea has agreed to pay up. American Seafoods will pay $1.75 million to settle violations on three of its catcher-processors. The American Dynasty, the Ocean Rover, and the Northern Eagle were all accused of tampering with their scales for weighing fish at sea over a five-year period. Read the rest here 06:58

American Seafoods settles inaccurate scales spat with NOAA for $1.75M

NOAA had charged that that the flow scales were sometimes inaccurate during specific seasons on three of American Seafoods’ vessels. The resolution means a hearing scheduled for later this month on the charges of scales won’t be held. Read the rest here 10:06

NMFS publishes at-sea scale changes

The changes would affect catcher processors and motherships that fish for pollock in the Bering Sea and Aleutian Islands as part of the American Fisheries Act fleet, groundfish trawlers that are part of the Amendment 80 program, the Gulf of Alaska rockfish trawl fleet, longliners targeting Bering Sea and Aleutian Islands Pacific cod, and CDQ catcher processors fishing in the bering Sea and Aleutian Islands. <Read more here> Federal Register Background story 21:19

Nets Mended, Boots Packed. Fish Boats Head For Alaska

Big factory ships are heading out to sea, and in coming weeks, 10,000 people from Washington state will head north to the Alaska fishing grounds. Half of all the seafood caught in the U.S. comes from the Alaska fishery. Seattle is its base, and the biggest players are the companies that own catcher-processor ships. They include Trident Seafoods, Glacier Fish Company and American Seafoods Group. Crews have spent the last few weeks getting the ships ready. At Interbay’s Pier 91 on Monday, the Northern Eagle, a ship owned by American Seafoods, prepared for its journey. Read more here 19:53:34

Moody’s downgrades American Seafoods as American Pride sale barely makes impression on debt

The downgrade is largely the result of the company – the subject of much speculation over how it will refinance it’s massive debt – under-performing relative to Moody’s expectations, as already high leverage remains under pressure despite healthy fishing conditions. Last week, American Seafoods denied it was trying to sell quotas. Read more here  14:22

Alaska’s white hat turns a little grey – Editorial comment, by John Sackton, publisher of Seafoodnews.com

 Ouch. The allegations that American Seafoods used flow scales that understated the weight of its pollock catch on multiple vessels in 2011 is a black-eye for the Alaska pollock fishery. It is unfortunate that it comes at the same time the American industry is raising questions about the capability of the Russian pollock fleet to monitor and control catches. Some European buyers have flown into a panic, with one saying to ,,,continued @ Undercurrent News:

American Seafoods slapped with big fine over claims that crews misreported their catch by many tons;

The Seattle Times – Something is fishy when the scales on a factory trawler read from 6 percent to nearly 70 percent less than what the catch really weighs. For such discrepancies, allegedly extending over many years, the federal government seeks penalties of more than $2.7 million from Seattle-based American Seafoods, which operates factory trawlers that catch and process pollock off Alaska. continued

Shannyn Moore: Prosecution of Native fishermen is just wrong

ADN.com – If I got the means to do it, I will do it,” Phillip said. “Even if you are breaking the law?” asked his lawyer, James Davis Jr. “Well, if it comes down to feeding my family, yes,” Phillip answered. This was Les Misérables, Alaskanized… Now, don’t get me wrong, there are real fish pirates in Alaska. We’ve even caught one or two….fish rustler Arne Fuglvog….NMFS OLE charged American Seafoods with fixing the scales,,,,,,,,,,continued