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Canadian halibut hatchery declares bankruptcy

Tuesday, February 1, 2022

A Canadian company that operates a P.E.I. fish hatchery and grow-out facility has filed for bankruptcy, owing millions of dollars to multiple levels of government. According to bankruptcy trustee MNP Ltd., Halibut PEI voluntarily filed for bankruptcy on January 14, reported CBC.

The company owes $9.5 million to its creditors, including the P.E.I. government, the Atlantic Canada Opportunities Agency and the Atlantic Fisheries Fund.

On its website, the company says it's been successfully raising halibut at its facility in Victoria-by-the-Sea since 2009, using geothermal salt-water wells, and is capable of producing 250,000 juvenile fish per year.

Paul Pettigrew with MNP said the hope is to sell the company to a new owner and allow the plant to remain in operation. It is business as usual there,” said Pettigrew. “We're going to be marketing the facility and the assets as a growing concern, and hopefully find a new operator and owners within the next 30 to 60 days. There has been some really good interest to date.” Pettigrew knows of six to a dozen potential new owners so far. He told CBC News he couldn't comment on the factors that led to the company declaring bankruptcy.

 

Photo source: Halibut PEI.

 

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