Tag Archives: Chapter 7 Bankruptcy
Popular food brand files Chapter 7 bankruptcy, heads to liquidation
With private companies, the end can be more sudden. That’s especially true when the company isn’t consumer-facing like a wholesaler or a manufacturer. Blue Harvest Fisheries may not be a name everyone knows, but it was a massive operation that was intended at its 2015 creation to dominate the New England fishing industry. That was a bold goal that it never achieved. And now, after suspending its fishing operations in September, the company has filed for Chapter 7 bankruptcy and appears headed toward liquidation. The company, which sold fish to a number of grocery chains around the country, had a bold mission statement. Blue Harvest vendors, workers face bad news. Under a Chapter 7 filing, a company’s assets will be liquidated and used to pay off creditors. “No property appears to be available to pay creditors,” >>click to read/comment<< 15:48
Blue Harvest bankruptcy leaves millions in unpaid debt to local businesses
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
