Peter Pan Seafoods’ Financial Woes Mounting: Wells Fargo Seeks Receivership
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.
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