September 14, 2020 — New Bedford, Massachusetts, U.S.A.-based Mariner Seafood filed for Chapter 11 bankruptcy protection on Monday, 14 September, with Cooke Aquaculture’s True North Seafood lined up as the stalking horse bidder for its assets.
Court documents filed by Mariner Seafood acknowledge the company defaulted on its revolving USD 10 million (EUR 8.4 million) loan from Wells Fargo, and that the company had been exploring options such as selling assets or facilitating an equity investment to improve its cashflow and repay its debt.