Bankruptcy & Restructuring News & Analysis

An Alaska-based seafood processing group has filed an amended Chapter 11 plan to fully repay creditors through strategic asset sales. The plan follows business disruptions from Russian sanctions and salmon market declines, with major asset liquidations aimed at satisfying $27 million in claims.

A Chapter 11 trustee for Greeley Flats has requested court approval to dismiss the bankruptcy case after completing an $18 million sale of assets to Fannie Mae. The motion argues that dismissal, rather than conversion to Chapter 7, best serves creditors' interests as no assets remain to reorganize and administrative expenses continue to accrue.