Judge approves former Peter Pan Seafoods co-owner’s bid for company assets

A Washington state judge approved a deal on Thursday giving the assets of Peter Pan Seafoods to the company’s former co-owner Rodger May, a decision that follows months of controversy over the seafood processing company, whichat auction last month, but the sale wasn’t approved until Thursday’s hearing, when King County Judge Steven Olsen signed the motion to approve the $37.3 million sale, which includes processing plants in Dillingham, King Cove and Port Moller.

Peter Pan Seafood Company was placed into a court-ordered receivership back in April at the request of Wells Fargo, which pointed to more than $60 million in debt owed by the Alaskan processing company. A receivership is a process similar to bankruptcy, but intended to protect a company’s lender. Both Wells Fargo and the court-appointed receiver, the Los Angeles-based Stapleton Group, supported the deal proposed by May.

“Mr. Rodger May and co-owners have done irreparable harm to the many people and their families that make their living from the commercial fisheries on the Alaska Peninsula,” they wrote. “There are still many fishermen that have not been paid for fish they delivered as well as vendors and tenders not being paid for goods and services provided.”

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