Adak Fisheries gets a new owner

By KUCB News

Unalaska, AK – Adak Fisheries has new owner 11.12.2009 ah/kucb

Adak Fisheries, which stopped operations and declared bankruptcy earlier this year, has now been sold to a new entity, Adak Seafood. The new company agreed to pay $488 thousand dollars in cash and assume the debt owed to Independence Bank of Rhode Island for $6.7 million dollars in loans. They will also give Aleut Enterprise $250 thousand dollars to cover unpaid rent for the plant in Adak. The new Adak Seafood will have all of the old company's assets, like machinery and vehicles, and aims to re-open the plant for production in January. Trident Seafood also bid for the plant but did not offer to assume the millions of dollars of bank debt. One of the new managing members of the company is Asbjorn Drevik, one of the previous creditors. It is unclear if Kjetil Solberg, one of the previous owners of Adak Fisheries, will be part of the new ownership.