June 10, 2019 — National Fish & Seafood no longer operates in East Gloucester, having given way — and rise — to Atlantic Fish & Seafood in a recent asset sale.
But that does not mean the federal bankruptcy court or National Fish creditors are done with the former seafood processor.
National Fish, which shut down its operations on May 10 after failing to find a buyer for the financially beleaguered company, stated in May 29 filings in U.S. Bankruptcy Court in Boston that it owes more than $80 million to all its creditors — including more than $64 million to secured creditors and $16 million to unsecured creditors.
“The board of directors for the company, having been fully apprised of all of the material facts related to the financial condition of the company, has determined it is in the best interests of the company, its creditors, and other parties in interest, that the company should cease operations and be liquidated under the supervision of the United States Bankruptcy Court,” National Fish’s board of directors stated in a unanimous written consent included in a May 29 filing.
The filings also confirm two other noteworthy items:
National Fish sold its assets to NSD Seafood Inc. — the parent of Atlantic Fish & Seafood — for $3 million and National Fish’s largest creditor is the Dutch multinational bank Cooperative Rabobank, to which it owes “approximately $73 million in principal (plus interest, fees and other charges).”