Tag Archives: Blue Harvest bankruptcy
Breaking: Canastras buy vessels, permits from Blue Harvest bankruptcy
The owners of New Bedford’s seafood auction, closed a deal to buy out groundfish giant Blue Harvest Fisheries from bankruptcy, a move finalized Wednesday with the approval of a federal judge. After a short bidding war, Cassie Canastra submitted the highest bid of $12 million on Monday, beating out the second-highest bid from O’Hara Corporation, which is a part owner of New Bedford-based Eastern Fisheries, by $750,000. The sale includes “all the vessels, all the permits” that once belonged to Blue Harvest Fisheries. It includes eight vessels and 48 state and federal fishing permits, representing about 13% of all Northeast groundfish permits or about 250 million pounds of quota for the current fishing year. >>click to read<< 14:22
‘Codfather’ Rafael’s fleet scrapped amid Blue Harvest bankruptcy
By Monday, the only trace of the Ilha Brava II was the keel. It remains barely floating in the harbor — a testament to the tattered, sunken legacy of two of the largest fishing empires on the East Coast, both of which had owned the vessel and both of which met their demise in court. Neither seafood giant ended its reign with a balanced bank account. Rafael would return to New Bedford a rich man upon his release from prison in 2021, pocketing the $100 million he received from the government-mandated sale of his fabled fleet. The private equity firm that owns Blue Harvest Fisheries, on the other hand, is now claiming in bankruptcy court that it stands to lose over $200 million from its foray into the fishing industry. It also owes millions to countless small businesses on the New Bedford waterfront. “They said it would be no problem to fill my shoes,” Rafael said, speaking over the phone in an interview, “They filled my shoes, all right. They f—ed people for millions of dollars. That’s how they filled my shoes.” Photos, >>click to read<< 08:11
