Great Pacific Seafoods files for bankruptcy, shuts down

    SEATTLE (AP) — Seafood processor Great Pacific Seafoods has ceased operations and filed for bankruptcy.

    SEATTLE (AP) — Seafood processor Great Pacific Seafoods has ceased operations and filed for bankruptcy.

    The Seattle Times reports that president Daniel DeMatteis said in a statement Sunday that there was no other option after the company's performance last year.

    Officials say the Seattle-based company, which operates three processing plants in Alaska, will liquidate under Chapter 7 of the Bankruptcy Code.

    Great Pacific's revenues from $26.5 million in 2014 to $21.2 million last year. According to bankruptcy papers filed Sunday, the company had assets of $12.4 million and liabilities of $12.3 million.

    Officials attributed the drop in revenue to the drop in the price of roe and the increase in the minimum wage in Alaska.

    Great Pacific employed approximately 300 people in Alaska during the peak of fishing season.

    More from News of the North

    • Sullivan Issues Statement on Shutdown and CHIP Bill

      Senator Dan Sullivan issued a statement after voting in favor of ending the government shutdown and the extension on the Children's Health Insurance Program (CHIP) for six years.

    • Admiralty Island Annexation sees Protest

      Juneau, AK (KINY) - The annexation of Admiralty Island is causing some tension leading up the CBJ Assembly meeting.

    • Taku ferry sale finalized

      Juneau, Alaska (KINY) The Alaska Department of Transportation & Public Facilities (ADOT&PF) signed papers transferring ownership of the M/V Taku to Jabal Al Lawz Trading Est.

    • Juneau Student Receives Scholarship

      Washington, DC (KINY) The United States Senate Youth Program (USSYP) announces that high school student Ms. Bianca Violet Eagan will join Senator Lisa Murkowski and Senator Daniel Sullivan in representing Alaska in the nation’s capital during the 56th annual USSYP Washington Week, to be held March 3 — 10, 2018.

    • Hecla Reports 12.5 Million Ounces of Silver and 232,685 Ounces of Gold Production in 2017

      Juneau, Alaska (KINY) The company reported silver production of 12.5 million ounces, the second highest behind the record achieved in 2016, and gold production of 232,685 ounces, the third highest in Company history.

    • Governor Walker awards Hecla Greens Creek Mine

      Juneau, Alaska (KINY) The Governor's North Star Awards for International Excellence have recognized Alaskan companies and organizations engaged in successful international business and activities for over 30 years.

    • Chamber of Commerce hosts presentation on Fred Meyer intersection

      Juneau, Alaska (KINY) The Alaska Department of Transportation and Public Facilities are pleased with the amount of public comments they have received on improvements planned at the Egan Drive, Yandukin Drive, Fred Meyer intersection.

    • Canadian General Counsel visits Juneau

      Juneau, Alaska (KINY) Brandon Lee, the Consul General of Canada visited Alaska's capital to discuss provisions in U.S. federal spending on a ferry terminal in Prince Rupert Sound that would require the dock construction use only American Steel.

    • Skagway closer to deal with White Pass Railroad

      Skagway, Alaska (KINY) The Skagway Assembly approved a memorandum of understanding with the White Pass Yukon route Railroad to extend their lease, which expires in 2023.

    • Skagway Assembly meets

      Skagway, Alaska (KINY) Housing, the community drug problem, and road improvements were among the items discussed when the Skagway Assembly met January 18.

    • Ketchikan hopes to improve safety for pedestrians

      Ketchikan, Alaska (KINY) Concern about crosswalks and the recent death of a 68 year old man struck by a car, highlighted the agenda when the Ketchikan City Council met on January 18.

    • Police solve business burglaries quickly

      Juneau, Alaska (KINY) It didn't take long for Juneau Police to collar an alleged burglar this weekend.

    Crude Oil Price

    Current Conditions