Jessie’s Ilwaco Fish Co. files for receivership

Receivership is similar to bankruptcy, but is handled under state law. The process is often used when a company is unable to meet its financial obligations. Receiver Christopher Wain was appointed on Feb. 26 by Pacific County Superior Court Judge Donald Richter, according to court documents. Jessie’s is owned by Alber Seafoods, Inc., a California company that also filed for receivership on the same day. Wain specializes in keeping companies running during a receivership, he said when reached Feb. 27., Jessie’s owes about $10.5 million in secured and unsecured debts and has assets with a book value of $7.1 million, >click to read< 09:50

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