Original Peter Pan Seafood investor wins auction for troubled company’s assets

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Rodger May, an entrepreneur and fish trader, narrowly beat out another industry player, Silver Bay Seafoods, with his $37.3 million bid. The sale must still be approved by a Seattle court.

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.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.

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.Peter Pan from a Japanese conglomerate in 2020. The other two investors are private funds, one run by Anchorage-based McKinley Capital Management and another led by Los Angeles-based RRG Capital Management.

 

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