October 3, 2016 — The bankruptcy proceedings involving international seafood processing giant Pacific Andes International Holdings has pulled back the curtain on the performance of its Gloucester-based subsidiary, National Fish & Seafood.
Quoting filings in Pacific Andes’ Chapter 11 bankruptcy case in New York, the Undercurrent News website reported that National Fish, normally mute on all matters related to its financial performance, turned a $1.28 million profit on revenues of $115 million for the six-month period that ended March 31.
That appears to be a marked improvement over the seafood processing subsidiary’s performance in the year that ended Sept. 28, 2015, when National Fish reported a similar profit of $1.27 million on revenues of $252.7 million for the entire 12-month period.
To date, National Fish, which processes and markets more than 40,000 tons of frozen seafood annually at its East Main Street facility under the National Fish, Matlaw’s and Schooner brands, has remained above the bankruptcy fray even as Pacific Andes has explored selling off other subsidiaries to pay creditors.