Saving Seafood

Wells Fargo: Peter Pan in “Imminent Danger of Insolvency,” Asks Court to Put in Receivership

April 30, 2024 — Last Wednesday, Northwest lender Wells Fargo bank asked the King County Superior Court to move Peter Pan Seafoods into receivership to protect creditors. The news comes as more lawsuits are being filed by fishermen who claim the company has not paid them for deliveries last year.

Wells Fargo was the single biggest lender to the iconic but financially troubled seafood processor last year. Wednesday’s petition to the court names Peter Pan Seafood Company, Alaska Fish Holdings, and Raymond Machine Shop as owing more than $60 million, according to a report by SeafoodSource.

The petition was filed by Wells Fargo Managing Director Gary Harrigian and asks the court to appoint the Los Angeles, California, U.S.A.-based Stapleton Group — a specialist in maximizing the recovery of capital for creditors — as controller of Peter Pan’s assets.

Read the full article at Seafoodnews.com

Wells Fargo issues neutral near-term outlook for US seafood sector

August 22, 2023 — A recent industry report from Wells Fargo has taken a decidedly neutral stance on the overall outlook for the U.S. seafood industry over the remainder of 2023, referencing positive news for certain species like snow crab but continuing woes for other market sectors to back up its mixed prediction.

The report, “Wells Fargo Agri-Food Institute’s Industry Update – Q2 2023,” listed overall food prices and demand as major factors influencing Wells Fargo’s mixed outlook.

Read the full story at SeafoodSource

Wells Fargo, Rabobank economists predict continuing supply-chain woes

January 24, 2022 — Robust U.S. demand for goods and ongoing transportation and logistical challenges will result in continued supply-chain challenges through the rest of the year, according to economists from Wells Fargo and Rabobank.

Speaking at the 2022 National Fisheries Institute Global Seafood Market Conference, Wells Fargo Senior Economist Tim Quinlan said strong retail sales in the United States, driven by rising wages and government stimulus, kept demand for goods high through 2021, putting pressure on the import market to keep pace. But delays due to COVID-19-related transportation slowdowns, workforce shortages, and lack of competition in the shipping industry prevented supply chains from catching up with demand, and delays will continue for the foreseeable future, Quinlan said.

Read the full story at SeafoodSource