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Wells Fargo Seeks Receivership for Peter Pan Seafoods in Legal Move

In a significant development, Wells Fargo Bank, the primary creditor of troubled Peter Pan Seafoods, has submitted a legal petition to place the company under receivership.

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Wells Fargo Seeks Receivership for Peter Pan Seafoods in Legal Move
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Wells Fargo Bank, headquartered in San Francisco, California, U.S.A., has taken legal action by filing a petition for the appointment of a general receiver in King County Superior Court, Washington, U.S.A., on April 22, 2024. The petition targets Peter Pan Seafood Company, Alaska Fish Holdings, and Raymond Machine Shop, alleging a collective debt exceeding USD 60 million (EUR 56 million) that remains outstanding despite previous repayment requests.
According to the petition, Wells Fargo and Peter Pan initially entered into a credit agreement in July 2022, later amending it on February 24, 2024. The filing, represented by Wells Fargo Managing Director Gary Harrigian, seeks the appointment of the Los Angeles-based Stapleton Group as the controller of Peter Pan's assets. This move would grant the financial institution authority to liquidate the company's assets to settle outstanding debts.
Harrigian underscored the necessity of appointing a receiver to safeguard and optimize the value of Peter Pan's business and assets, including collateral, to prevent further financial losses or impairment.
Peter Pan Seafoods has encountered escalating financial challenges in recent years, facing new liens from partners following previous claims in 2023 and shutting down its King Cove plant in January 2024. As part of its efforts to alleviate financial pressures, the company has agreed to sell its seafood-processing facility in Valdez, Alaska, U.S.A., to Silver Bay Seafoods. It has also granted Silver Bay permission to operate its Port Moller and Dillingham facilities for the 2024 season and acquire them afterward. Additionally, Peter Pan has agreed to transfer licensing for its Demmings, Humpty Dumpty, and Double Q canned salmon brands to Silver Bay.
Rodger May, the current owner of Peter Pan, acquired the company in 2021 from Japanese seafood conglomerate Maruha Nichiro. The ownership consortium includes Northwest Fish Co., the McKinley Alaska Private Investment-managed Na’-Nuk Investment Fund, and the RRG Global Partners Fund.
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