Tag Archives: Reidar’s Manufacturing
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
The ‘Codfather’ is behind bars, and New Bedford’s economy is paying the price
From the icehouse to the auction house, a pall hangs over the fabled wharves in New Bedford. As the new fishing season begins, many of the city’s fishermen are unemployed, their suppliers stuck with excess inventory, and local officials are questioning whether the millions of dollars in lost revenue will cost the port its ranking as the nation’s most valuable, as it has been for the past 17 years. “It’s devastating what’s happened to us, and other businesses here,” said Tor Bendiksen, the manager of Reidar’s, a marine supply company. >click to read< 08:25
Reidar’s Manufacturing recieves loan through the South Eastern Economic Development Corporation
Two local businesses, the Inn on Shipyard Park in Mattapoisett and Reidar’s Manufacturing in New Bedford, are the latest recipients of loans through the South Eastern Economic Development Corporation. SEED said the loans will allow the companies to grow and create some 20 new jobs. Read more here 11:34
Reidar’s Manufacturing: Regulations slow growth for city fishing business
“No matter how much you’ve prepared and researched, and even prepared financially, there’s always going to be something else,”. One New Bedford fishing gear business learned that lesson in an ocean-sized way. Reidar’s Manufacturing. Just as the Bendiksens were signing early papers on the deal, harsh new fishing regulations came out that affected their customer base. First the yellowtail catch was substantially reduced and then, a year later as they were breaking ground, codfish cuts were announced. Both cuts translated to lost business. Even the possibility of a new market fizzled in the face of government oversight. Read more here southcoasttoday.com 08:57
