Troubled state-backed seafood company says it will lease out two plants, and could sell its assets

By Nathaniel Herz, Northern JournalKing Cove is partially visible from the road to its airport on April 19, 2022.

Peter Pan also announced late Thursday that it would lease two of its plants, in the Bristol Bay hub town of Dillingham and the remote Alaska Peninsula outpost of Port Moller, to Silver Bay Seafoods to operate for the summer.amid unpaid financial claims against the company and news that some of its fishermen and support vessels were defecting to other processing businesses.

The statement also said that a “larger restructuring, still being finalized,” would see Silver Bay buy Peter Pan’s “processing facilities and support sites” once the salmon season ends. The statement did not specifically reference plans for the King Cove plant but cited “high quality sockeye salmon” produced there, and said that combining the two companies’ Alaska operations “would allow fishers to benefit from improved services and the fish to be processed closer to the point of catch.”

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Alaska fishermen and processing plants are in limbo as a state-backed seafood company teeters'We are all sort of on pins and needles,' said a local official in King Cove waiting to learn the fate of Peter Pan Seafoods’ shuttered plant.
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