The financial woes of Peter Pan Seafoods continue to grow.
King County Superior Court in Washington state has granted a petition by Wells Fargo Bank to put the seafood processor into receivership, with Los Angeles-based Stapleton Group to manage Peter Pan’s financial affairs.
The petition filed last week by Wells Fargo Managing Director Gary Harrigian asked the court to appoint Stapleton Group as controller of Peter Pan’s assets.
In his petition, Harrigian said that appointing a receiver was necessary “to protect, preserve and maximize the value of the business and assets, including, without limitation, the collateral, and its revenue-producing potential to avoid further loss, injury and impairment.”
Stapleton Group declined any initial comment on the receivership.
According to the petition, Peter Pan Seafood Co., Alaska Fish Holdings and Raymond Machine Shop owe over $60 million to the bank, and the amount is past due.
The petition noted that Wells Fargo and Peter Pan entered into a credit agreement in July 2022 and amended that agreement on Feb. 24 of this year.
Majority owner Rodger May, who has been unavailable for comment, bought the company from Japanese seafood conglomerate Maruha Nichiro in 2021. Other current owners includes Northwest Fish Co., the McKinley Alaska Private Investment-managed Na’-Nuk Investment Fund, and the RRG Global Partners Fund.
Peter Pan has already sold its seafood processing facilities in Valdez to Silver Bay Seafoods and given Silver Bay permission to operate its facilities in Port Moller and Dillingham for the 2024 season and acquire them after the 2024 season ends.
Peter Pan also has agreed to transfer licensing for its Demmings, Humpty Dumpty and Double Q canned salmon brands to Silver Bay.