Blue Harvest bankruptcy leaves millions in unpaid debt to local businesses

September 22, 2023 International, New England

For Blue Harvest and Bregal Partners — which is part of a fund with over $18 billion under management — the $50,000 or so owed to Bendiksen is a small fraction of the debts the company had racked up during its eight-year roll up of the New Bedford fishing industry. But for Bendiksen, he said the notice that he will not be paid spells a serious financial blow. And he’s not alone. More than 1,000 independent contractors and companies will be left holding the bag as the private-equity backed fishing venture goes belly up, according to a list of creditors published in the bankruptcy filings. It includes many fishermen who had worked for Blue Harvest and countless small businesses on the New Bedford waterfront: welders, mechanics, supply stores and shipyards. >>click to read<< 11:20

1000 independent contractors, Blue Harvest Fisheries, Blue Harvest fleet, Bregal Partners, build new nets, Chapter 7 Bankruptcy, Crystal Ice, left holding the bag, Mario Pereira, massachusetts, New Bedford, Reidar's Manufacturing, The missing $100 million, Tor Bendiksen, Unsecured creditors

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The New England groundfish debacle (Part III): who or what is at fault? Nils E. Stolpe/FishNet

It took me a while to decide how to most accurately describe the situation that has been visited upon the New England fishing communities that are and since colonial times have been dependent on the groundfish fisheries.

NILS STOLPE: The New England groundfish debacle (Part IV): Is cutting back harvest really the answer?

While it’s a fact that’s hardly ever acknowledged, the assumption in fisheries management is that if the population of a stock of fish isn’t at some arbitrary level, it’s because of too much fishing. Hence the term “overfished.” Hence the mandated knee jerk reaction of the fisheries managers to not enough fish; cut back on fishing. What of other factors? They don’t count. It’s all about fishing, because fishing is all that the managers can control; it’s their Maslow’s Hammer. When it comes to the oceans it seems as if it’s about all that the industry connected mega-foundations that support the anti-fishing ENGOs with hundreds of millions of dollars a year in “donations” are interested in controlling. Read the article here

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