Cooke Aquaculture Subsidiary True North Seafood Bidding for US Seafood Processing Company

If things go according to plan True North Seafood, a subsidiary of Cooke Aquaculture of New Brunswick, will be expanding its presence in the United States with the purchase of Mariner Seafoods of New Bedford, Massachussetts.

Seafood news website reported on Monday that Mariner Seafoods had filed for Chapter 11 bankruptcy protection, after defaulting on its revolving $10 million (USD) loan from Wells Fargo.

According to Seafood News, True North and Mariner have entered into an asset purchase agreement, with True North agreeing to pay up to $2.2 million (USD) of Mariner’s accounts receivable and another one-half million USD towards the costs associated with the purchase.

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