P.E.I.-based lobster processor files for creditor protection from N.B. court
A seafood distributor based in western P.E.I. is part of a group of companies that has filed for creditor protection in New Brunswick court. South Shore Seafoods Ltd. and related companies received an order from the Court of King’s Bench in Saint John last week. According to court records, the Rosebank-based lobster processor and related companies owe creditors more than $55 million. In a letter to suppliers dated Sept. 25 and signed by co-owner Timothy Williston, South Shore cited the “extreme volatility” of the seafood industry over the past few years. “The South Shore Seafood Group of Companies weathered these storms; however, it had a significant impact on its working capital,” the letter states. >>click to read<< 10:24
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