Tag Archives: Peter Pan Seafood
How a Risky State Investment in Seafood Cost Alaskans Millions and left a Fishing Town in Crisis
Last summer, an unsettling quiet cloaked the isolated Southwest Alaska community of King Cove as the town’s economic engine — a sprawling seafood processing plant — sat shuttered. Bunkhouses, once filled with hundreds of workers during the peak salmon harvest, were vacant. Four diesel generators that had rumbled day and night were stilled. The plant docks, once lined with boats and circled by fish-scavenging gulls, were empty. The closure resulted from the financial implosion of the plant’s owner, Peter Pan Seafood. Some local fishing boat captains directed their ire at company leaders who accepted their seafood, then failed to pay them. They dwelled far less on a surprising, largely silent, powerhouse investor in the plant: the state of Alaska. Photos, more, >>CLICK TO READ<< 12:41
Original Peter Pan Seafood investor wins auction for troubled company’s assets
One of the original investors in a troubled Alaska seafood company has narrowly outbid competitor Silver Bay Seafoods in an auction for the firm’s assets — including a major processing plant in the Alaska Peninsula village of King Cove. Rodger May, an entrepreneur and fish trader, bid $37.3 million for the assets of Peter Pan Seafood, including two other processing plants — one in the Bristol Bay hub town of Dillingham and another in a remote part of the Alaska Peninsula called Port Moller. May’s bid was $257,000 higher than the bid offered by Silver Bay Seafoods, a major Alaska seafood company that’s expanded rapidly in recent years. The sale of Peter Pan, which operates primarily in Alaska with a business headquarters in Washington, isn’t final. A confirmation hearing in Peter Pan’s receivership case — a bankruptcy-like proceeding overseen by a Seattle court — is scheduled for Oct. 3. more, >>CLICK TO READ<< 11:36
OPINION: Fighting for our lives in King Cove
I am a fisherman; one of my grandfathers was a fisherman and the other one was a lifelong employee of Peter Pan Seafoods. My father was a fisherman, my brother is a fisherman and my mother, for much of her working life, worked for Peter Pan. We live in the southwest Aleut community of King Cove. For my extended family and all the other families like mine, we rely upon our knowledge of the ocean, our skills in the harvesting of fish, and a fish processor that pays a fair price. At the end of each day, we enjoy the satisfaction of hard work paying off. As King Cove’s mayor, it hurts my heart to say that it has taken only a few short months for me to no longer recognize my world. Events have conspired to threaten our very existence. A collapse of our incomes, individually and citywide, the shock of realizing that municipal projects, many years in the making, may grind to a halt. more, >>CLICK TO READ<< 20:35
